Application of premiums received on issue of shares

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..... mium account and the provisions of this Act relating to reduction of share capital of a company shall, except as provided in this section, apply as if the securities premium account were the paid-up share capital of the company. (2) Notwithstanding anything contained in sub-section (1), the securities premium account may be applied by the company- ( a ) towards the issue of unissued shares of the .....

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..... ity shares of the company to be issued to members of the company as fully paid bonus shares; or ( b ) in writing off the expenses of or the commission paid or discount allowed on any issue of equity shares of the company; or ( c ) for the purchase of its own shares or other securities under section 68. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxat .....

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