Section 77AA   [ View Judgements ]

Transfer of certain sums to capital redemption reserve account


77AA. Transfer of certain sums to capital redemption reserve account
1[77AA. Transfer of certain sums to capital redemption reserve account.-

Where a company purchases its own shares out of free reserves, then a sum equal to the nominal value of the share so purchased shall be transferred to the capital redemption reserve account referred to in clause (d) of the proviso to sub-section (1) of section 80 and details of such transfer shall be disclosed in the balance sheet.]

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