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of <h1>Share Premium Account Considered Paid-Up Capital for Deposit Limits per Companies Rules 1975, Section 78(1).</h1> The circular dated April 15, 1977, addresses the interpretation of the Companies (Acceptance of Deposits) Rules, 1975, specifically regarding the treatment of the share premium account. It clarifies that for calculating a company's net owned funds, the share premium account should be considered part of the company's paid-up share capital, not its free reserves, in accordance with Section 78(1). This determination affects how companies calculate their ability to accept deposits within the prescribed limits.
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