Sec 78 of the Companies act provides for 4 uses of the money lying in thesecurities premium account?
a) can a private limited co. use the money lying in the securities premium account for any other purpose? if so then will a simple resolution to this effect do?
section 78 is applicable to private companies also.........
sec. 78 applies to both public and pvt ltd co.
let me rephrase it. can the money received as securities premium be used for any purpose or is there any end use restriction for using the amount collected by a company as securities premium? be it a private company or a public company.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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