Section 641(1) of the Companies Act, 1956 - Power to alter Schedule - Insertion of sub-clause (l) in clause (1) of Part-I of Schedule II to the Companies Act, 1956 - G.S.R. 265(E). - Companies Law
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Segregation of issue proceeds requires separate account and balance-sheet disclosure of utilisation and investments of unutilised funds. The amendment requires the board to state that all monies from public issues of shares or debentures be held in a separate bank account, that utilised proceeds be disclosed under a separate Balance Sheet head with their purposes, and that any unutilised proceeds be disclosed under a separate Balance Sheet head showing how those monies have been invested.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Segregation of issue proceeds requires separate account and balance-sheet disclosure of utilisation and investments of unutilised funds.
The amendment requires the board to state that all monies from public issues of shares or debentures be held in a separate bank account, that utilised proceeds be disclosed under a separate Balance Sheet head with their purposes, and that any unutilised proceeds be disclosed under a separate Balance Sheet head showing how those monies have been invested.
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