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Uses of premium accounts

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(Querist)
17 June 2015 Dear Experts,

Can premium account be applied in investment purpose i.e. to subscribe share of another company ? As per section 52(2) of Companies Act, 2013 there are some specific uses of premium accounts however word used in subsection is MAY BE APPLIED. Does it mean premium account can be applied in beyond these purposes?
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ANMOL JHA

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ANMOL JHA (Expert)
19 June 2015 Dear Rajveer, in view of the wording " may be applied" and in absence of any penalty clause in section 52, the section is only directory not mandatory. Thus premium account can be applied beyond these purposes.
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