Application of premiums received on issue of shares.

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..... ities 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 the company (a) towards the .....

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..... andards prescribed for such class of companies under section 133, (a) in paying up unissued equity shares of the company to be issued to members of the company as fully paid bonus shares; or (b) in writing off the expenses of or the commission paid or discount allowed on any issue of equity shares of the company; or (c) for the purchase of its own s .....

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