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buyback of shares

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CS
33 Points Posted on 31 August 2018
Can we use Security Premium account for the payment of buy back.(security premium is generated by previous issue of equity shares)
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On 31 August 2018 at 16:00 Report
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Chartered Accountant
12739 Points Posted on 31 August 2018

YES BUYBACK OF THE SHARE IS ALLOWED OUT OF 

1. FREE RESERVES

2. SECURITIES PREMIUM 

3. PROCEEDS FROM EARLIER ISSUE 

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On 31 August 2018 at 16:32
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CS
33 Points Posted on 31 August 2018
But section 68 of CO. Act 2013 say that
provided that no buy back of any kind of shares or other specified securities shall be made out of proceeds of an earlier issue of same kind of shares
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On 31 August 2018 at 16:37
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Chartered Accountant
12739 Points Posted on 31 August 2018

YA RIGHT BUT U CAN BUYBACK OF EQUITY BY PREFERENCE PROCEEDS 

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On 31 August 2018 at 16:51
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CS
33 Points Posted on 31 August 2018
but there is no preference only equity shares than how can we use the security premium for BB
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On 31 August 2018 at 16:54


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