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capital redemption reserve account

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(Querist)
21 April 2010 do we need to create capital redemption reserve account in case of issue of redeeemable preference shares if we have carry forward business losses from last few years in our account?
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Rasesh

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Rasesh (Expert)
21 April 2010 Capital redemption reserve has to be created if the preference shares are redeemed out of profits or free reserves. If the shares are redeemed out of proceeds from fresh issue, then no CRR is to be created.
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