Section 87, The Companies Act, 2009

(1) A company having a share capital, whether or not theshares have been converted into stock, may in general meeting and not otherwise, increase its share capital by new shares of such amount as it thinks expedient. (2) Where a company has increased its share capital it shall, within 15 days after the passing of the resolution authorising the increase, give to the Commission, notice of the increase and the Commission shall record the increase. (3) Where in connection with the increase of shares any approval is required to be obtained under any enactment other than this Act, the Commission may, on application by a company extend the time within which to give notice of the increase to the Commission. (4) The notice to be given under this section shall include any particulars prescribed with respect to the classes of shares affected and the condition subject to which the new shares have been or are to be issued and the notice shall be accompanied by a printed copy of the resolution authorising the increase. (5) If default is made in complying with the provisions of this section, the company in default shall be liable to a fine of Le500,000 for each day during which the default continues.