Section - 77AA - Transfer of certain sums to capital redemption reserve account
Transfer of certain sums to capital redemption reserve account.77AA. Where a company purchases its own shares out of free reserves, then a sum equal to the nominal value of the share so purchased shall be transferred to the capital redemption reserve account referred to in clause (d) of the proviso to sub-section (1) of and details of such transfer shall be disclosed in the balance-sheet.
[Issue and redemption of preference shares]Power to issue redeemable preference shares.80. (1) Subject to the provisions of this section, a company limited by shares may, if so authorised by its articles, issue preference shares which are, or at the option of the company are to be liable, to be redeemed :Provided that— (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purp .... To read the full section download the app from Google Play store
CAclubindia
