Application of premiums received on issue of shares

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Full Text of the Document

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....um 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 the company- (a) towards the issue of unissued shares of....