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of <h1>Companies Can Issue Bonus Shares from Free Reserves, But Must Follow Strict Approval and Payment Rules</h1> A company can issue fully paid-up bonus shares to its members from its free reserves, securities premium account, or capital redemption reserve account, but not from reserves created by revaluing assets. The issuance must be authorized by the company's articles, approved in a general meeting following the Board's recommendation, and the company must not have defaulted on payments related to fixed deposits, debt securities, or statutory employee dues. Any outstanding partly paid-up shares must be fully paid before issuing bonus shares. Bonus shares cannot replace dividends.
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