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Relevance of Section 52(3) of Companies Act, 2013.

This query is : Resolved 
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(Querist)
14 May 2016 Kindly explain the relevance of 52(3) inserted by the new companies act. It is on the same lines of 52(2), which indicates the permissible uses of securities premium account.
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Mandar

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Mandar (Expert)
16 May 2016 As per my interpretation , Section 52(3) mandates the class of companies who are eligible for utilizing Securities Premium and those companies whose financial statement comply with accounting standards. Thus the said provision warrants satisfaction of the conditions for utilization of SP as the words are "Notwithstanding anything contained in sub-section (1) and (2)......" . Thus this section would prevail over Section 52(2).
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