valid as on 27/10/2020

Regulation 94 - Bonus shares only against reserves, etc. if capitalised in cash
Effective from 26-08-2009

(1) The bonus issue shall be made out of free reserves built out of the genuine profits or
securities premium collected in cash only and reserves created by revaluation of fixed assets shall not be capitalised for the purpose of issuing bonus shares.

(2) Without prejudice to the provisions of sub-regulation (1), the bonus share shall not be issued in lieu of dividend.

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