can a new company issue shares on premium?
further i want to know the procedure of doing cs course. i did postgraduation in MBA finance .
irfan khan (director) (38 Points)
27 June 2010can a new company issue shares on premium?
further i want to know the procedure of doing cs course. i did postgraduation in MBA finance .
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 28 June 2010
Yes, a newly formed company can issue the shares at premium, No restrictions but Section 78 has to be followed regarding uses of the amount received as share premium.
Though there are restrictions on issue of shares at discount for a new company under Section 79.
Yogesh Bhatt
(Company Secretary)
(475 Points)
Replied 28 June 2010
I agree with Mitali Agarwal
and
as per sec :
78. Application of premiums received on issue of shares
(1) Where a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount or value of the premiums on those shares shall be transferred to an account, to be called "the [securities] premium account"; and the provisions of this Act relating to the reduction of the [securities] capital of a company shall, except as provided in this section, apply as if the [securities] premium account were paid-up [securities] capital of the company.
(2) The [securities] premium account may, notwithstanding anything in sub-section (1), be applied by the company-
(a) in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares;(3) Where a company has, before the commencement of this Act, issued any shares at a premium, this section shall apply as if the shares had been issued after the commencement of this Act.
(b) in writing off the preliminary expenses of the company;
(c) in writing off the expenses of, or commission paid or discount allowed on, any issue of shares or debentures of the company; or
(d) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the company.
Provided that any part of the premiums which has been so applied that it does not at the commencement of this Act form an identifiable part of the company's reserves within the meaning of Schedule VI, shall be disregarded in determining the sum to be included in the [securities] premium account.
Regards.
Nitin Grover
(CS)
(1228 Points)
Replied 28 June 2010
Dear Irfan
agree with members
For CS u can take Admission in CS Executive Prog. directly
pls go and take admission form to the nearst chapter/regional chapter of ICSI and fill the form
if u take admission before Aug 31 then u can appear in both grps of CS Executive Prog. in June of next year
take admission then we will tell you another things also.
Regards
Surbhi Tyagi
(STUDENT)
(48 Points)
Replied 28 June 2010
Mr. Nitin
Could you please tell about any exemption in subjects if available for CS if person is a qualified chartered accountant. further, in case if a person has cleared intermediate.
If you have any such information please post at my id surili2002.86 @ gmail.com
Madhura
(CS Trainee)
(461 Points)
Replied 28 June 2010
Dear Surbhi
u can find the information regarding exemption for specific subjects click on site https://www.icsi.edu/Student/tabid/528/Default.aspx
Regards,
Madhura Ubale
| Originally posted by : Mitali Agarwal | ||
 |
Yes, a newly formed company can issue the shares at premium, No restrictions but Section 78 has to be followed regarding uses of the amount received as share premium. Though there are restrictions on issue of shares at discount for a new company under Section 79. |
 |
Nitin Grover
(CS)
(1228 Points)
Replied 29 June 2010
| Originally posted by : Surbhi Tyagi | ||
|
|
Mr. Nitin Could you please tell about any exemption in subjects if available for CS if person is a qualified chartered accountant. further, in case if a person has cleared intermediate. If you have any such information please post at my id surili2002.86 @ gmail.com |
|
Dear Surbhi
No such exemption(s) for Qualified CA in CS prog. in executive prog. only exemption is for Foundation which is also available for Graduate person.
you have to appear in all exams if u r qualified CA. Exemptions granted to LLB in GCL, to MBA in Accounts, to CWA in TAX and Accounts (inter) + Tax and F.M. in (final)
any more query pls asked
Regards
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
