Question
Under the Companies Act, there are specific regulations
governing the utilization of the amount received as premium on securities. These funds, often recorded in the Securities Premium Account, can be used for several defined purposes. However, one of the following options is not an allowable use of these funds. As per the relevant section of the Companies Act, which of the following is not a permissible utilization of the amount received as premium on securities?Solution
As per the Companies Act, the amount received as premium on securities is credited to the Securities Premium Account and can be utilized for specific purposes such as issuing fully paid bonus shares to members, writing off preliminary expenses, and buying back its own shares. However, it cannot be used for purchasing fixed assets.
Section 66 of the Chhattisgarh Excise Act 1915 relates to:Â
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