Why does Sec 78(2) of the Companies Act, 1956 lays down that Securities Premium A/c may be applied only for specified purposes?
Chris Cairns (None) (36 Points)
20 August 2008Why does Sec 78(2) of the Companies Act, 1956 lays down that Securities Premium A/c may be applied only for specified purposes?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 21 August 2008
Because the receipt is capital in nature, it should be properly utilised.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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