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of <h1>India Prohibits Unlisted Companies from Issuing Bonus Shares from Revaluation Reserves Under Circular No. 9/94.</h1> The Department of Company Affairs, Ministry of Law, Justice and Company Affairs, Government of India, issued Circular No. 9/94 on September 6, 1994, prohibiting unlisted companies, including private and closely-held public companies, from issuing bonus shares out of reserves created by revaluating fixed assets. This directive follows the Securities and Exchange Board of India (SEBI) guidelines dated April 13, 1994, which allow bonus issues only from free reserves built from genuine profits or cash-collected share premiums. The SEBI guidelines apply to listed companies, but the circular extends the prohibition to unlisted entities.
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