Where warrants are issued on a preferential basis an option to apply for and be allotted shares, the company should determine the price resultant shares in accordance with the provisions stipulated above. The relevant date for we purpose may, at the option of the issuer, be either the one referred to above or a date prior to the date on which the holder of the warrants becomes entitled to apply for the shares. The resolution to be passed in terms of Section 81(A) should dearly specify the date on the basis of which the price of the resultant shares would be calculated. An equivalent to at least 10 per cent of the price fixed would become payable for the on the date of their allotment. This amount would be adjusted against the price payable for acquiring this shares by exercising an option for this purpose. The amount however, be forfeited if the option to acquire shares is not exercised.