Application of premiums received on issue of shares.

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....be transferred to a "securities premium account" and the provisions of this Act relating to reduction of share capital of a company shall, except as provided in this section, apply as if the securities premium account were the paid-up share capital of the company.      (2) Notwithstanding anything contained in sub-section (1), the securities premium account may be applied by....

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....      (3) The securities premium account may, notwithstanding anything contained in sub-sections (1) and (2), be applied by such class of companies, as may be prescribed and whose financial statement comply with the accounting standards prescribed for such class of companies under section 133,-           (a) in paying up unissued equit....