NOTES ON EFFECTIVE PROVISIONS OF COMPANIES ACT 2013

Posted on February 27, 2014 | Leave a comment

Page 31

TRANSFER OF CERTAIN SUM TO CAPITAL REDEMPTION RESERVE ACCOUNT [SECTION 69]

Where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to the capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet.

The capital redemption reserve account may be applied by the company, in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares.

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