Creation of Debenture Redemption Reserve
This query is : Resolved
Guest
Guest
(Querist)
31 October 2007
What is the remedy/Legal Implications for a company which has redmmed Debenturs & Pref.Shares without creation of CRR & DRR from auditor's poit of view
02 November 2007
Please clarify the implication angle. Eg. From Auditor's point of view he will apply AAS-28 and qualify the report.
Ravikumar.G
(Expert)
08 November 2007
It is a violation of Company Law. When you redeem the shares out of profit if you are not transfer the fund to respective CRR the money which plough back to working capital will deficit.
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