Shares Primum money
This query is : Resolved
05 October 2010
Dear sir please help me
sir how can we untilize the money receipt in Share premium in private limited company (unlisted) or how much period we can take this amount this balance sheet or books.
Dear sir please help me
sir how can we untilize the money receipt in Share premium in private limited company (unlisted) or how much period we can take this amount this balance sheet or books.
05 October 2010
78) 2) The 1[securities] premium account may, notwithstanding anything in sub-section (1), be applied by the company-
(a) in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares;
(b) in writing off the preliminary expenses of the company;
(c) in writing off the expenses of, or commission paid or discount allowed on, any issue of shares or debentures of the company; or
(d) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the company.
(a) in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares;
(b) in writing off the preliminary expenses of the company;
(c) in writing off the expenses of, or commission paid or discount allowed on, any issue of shares or debentures of the company; or
(d) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the company.
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06 October 2010
Use of share premium money is pre-defined by law as mentioned by expert. So use the same accordingly. Go through section 78 fully.
Regards
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