Application of premiums received on issue of shares

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..... ecurities 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 ) to .....

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..... ply with the accounting standards 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 .....

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