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Buy back

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 October 2011 A Company has buy backed its shares at Premium.
It has credit Balance in P/L Account & Securitium Premium balance.

Now i want to ask whether Securitum Premium can be utilised for payment on buy back.
or i have to use credit balance of P/L Account due to restrictive use of security Premium Account stated U/s 78.
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CA RICHA BADALIA

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CA RICHA BADALIA (Expert)
11 October 2011 Yes, securities premium can be utilized for buy back of shares.
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Querist : Anonymous

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Querist : Anonymous (Querist)
11 October 2011 But, security Premium has restrictive use. as specified U/s 78.
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CA RICHA BADALIA

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CA RICHA BADALIA (Expert)
11 October 2011 Ya,it has restrictive use but it can be used for Buy Back of shares U/S 77A.
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