Hi,
If the company by mistake used the preference share premium amount for purchase equity share shares of other company last year, how to rectify this mistake since section 78 does not allow this transaction.
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Section 78 of companies act
Replies (4)
DEAR ABHIJEET,
THE COMPANY HAS TO PASS RECTIFICATIO ENTRY IN THE JOURNAL BOOK - PASS THE REVERSE ENTRY IN THE BOOKS OF ACCOUNT.
REGARDS,
TANVEER MD MASOOD
Dear All,
Please suggest from company law point of view. The procedural aspect of the how to deal with this issue from company law point of view.
Hi Everybody,
Please suggest.
DEAR ABHIJEET,
COMPANY HAS TO PASS BOARD RESOLUTION NULLIFYING THE LAST TRANSACTION WHICH WAS PASSED BY MISTAKE AND APPROVAL NEEDS TO BE GIVEN TO THE FRESH TRANSACTION. FOR THIS BOARD MEETING IS BE CONVENED AFTER DUE NOTICE.
REGARDS,
TANVEER MD MASOOD
CALCUTTA.
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