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Meaning of latest balance sheet: buy back of shares

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19 November 2011 as per section 77A of the indian companies act 1956 there is a limit of buy back 25% of paidup capital and free reserves.Free reserve means as defined in 372A. As per 372A free reserves means those reserves as per the latest audited balance sheet of the company,are free for distribution as dividend and includes balance to ther credit of the securities premium account but not include share application money.

Now the question arises what is the meaning of Latest Audited Balance Sheets.

If a company makes Interim accounts( half yearly or so ) and get them audited,will it be considered as Latest Audited Balance Sheets for this section.Please note that the company does not change its financial year which remains the same( annual).

What is the position if interim accounts are adopted by the board,audited by the statutory auditor and placed brfore the shareholders in EGM called for this purpose and also got approved by the members in the EGM.Can these results be consideredas the audited results for the purpose of section 372(A).

please give your opinion.
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CS Bijoy

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CS Bijoy (Expert)
23 November 2011 Dear here balance sheet means the annual balance sheet audited by CA and latest means the Last Audited BS.
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