Sec 56
This query is : Resolved
27 March 2012
Under the new proposal U/s 56 in the Finance Bill, can a NEW company issue shares at premium and how ?
04 April 2012
Section 56(2)(viib) is applicable to PRIVATE COMPANIES only.
So, if a newly formed PUBLIC company issues shares at premium, then Section 56(2)(viib) is NOT attracted.
So, if a newly formed PUBLIC company issues shares at premium, then Section 56(2)(viib) is NOT attracted.
05 April 2012
Thanks Sir, but suppose it is a closely held company then what would be the provision. The newly formed company would be having face value of its shares as Rs 10/-. can't it issue shares at premium?
05 April 2012
It cannot issue shares at premium.
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05 April 2012
You are welcome.
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