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of <h1>Companies Act Section 77: Restrictions on Share Purchases and Financial Assistance, with Penalties for Violations Increased.</h1> Section 77 of the Companies Act, 1956, restricts companies from purchasing their own shares or providing financial assistance for others to purchase shares in the company or its holding company. Exceptions include banking companies lending in their ordinary course of business, schemes for employee benefit, and loans to employees for purchasing shares, provided these loans do not exceed six months' salary. Violations result in fines. This section does not affect a company's right to redeem shares issued under section 80 or related provisions. Amendments have increased the penalty for contraventions to ten thousand rupees.
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