capital redemption reserve account
Swedish translation: ett bokslutskonto
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| 05:39 Sep 16, 2001 |
| English to Swedish translations [PRO] Bus/Financial | |||||||
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|  Selected response from: Sven Petersson Sweden Local time: 13:14 | ||||||
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| Summary of answers provided | ||||
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| 5 | capital redemption reserve account ([explanation]) |
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Answers
1 hr confidence: 
capital redemption reserve account ([explanation]) Explanation: Curry nam-nam on you too! Nåt sånt finns det inte i den svenska aktiebolagslagen. It's a special reserve fund meetiong the requirements of The Companies Bill 1997 (India), part III, quoted below for your benefit: THE COMPANIES BILL, 1997 PART III PROSPECTUS, ALLOTMENT, LISTING AND OTHER MATTERS RELATING TO THE ISSUE OF SECURITIES SECTIONS : 71-73 Issue and redemption of preference shares 71 Power to issue redeemable preference shares..-(1) Subject to the provisions of this section, a company limited by shares may, if so authorised by its articles, issue preference shares which are, or at the option of the company, liable, to be redeemed: Provided that- (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption; (b) no such shares shall be redeemed unless they are fully paid; (c) the premium, if any, payable on redemption shall have been provided for out of the profits of the company or out of the company's share premium account, before the shares are redeemed; (d) where any such shares are redeemed otherwise than out of the proceeds of a fresh issue, there shall, out of profits which would otherwise have been available for dividend, be transferred to a reserve fund, to be called the capital redemption reserve account, a sum equal to the nominal amount of the shares redeemed; and the provisions of this Act relating to the reduction of the share capital of a company shall, except as provided in this section, apply as if the capital redemption reserve account were the paid-up share capital of the company. (2) Subject to the provisions of this section, the redemption of preference shares thereunder may be effected on such terms and in such manner as may be provided by the articles of the company. (3) The redemption of preference shares under this section by a company shall not be taken as reducing the amount of its authorised share capital. (4) Where in pursuance of this section, a company has redeemed or is about to redeem any preference shares, it shall have power to issue shares up to the nominal amount of the shares redeemed or to be redeemed as if those shares had never been issued; and accordingly the share capital of the company shall not, for the purpose of calculating the fees payable under section 409, be deemed to be increased by the issue of shares in pursuance of this sub-section: (5) The capital redemption reserve account may, notwithstanding anything contained in this section, be applied by the company, in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares. (6) Notwithstanding anything contained in this Act, no company limited by shares shall, issue any preference share which is irredeemable or is redeemable after the expiry of a period of twenty years from the date of its issue. (7) If a company fails to comply with the provisions of this section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to ten thousand rupees. 72 Redemption of certain preference shares. - (1) Notwithstanding anything contained in the terms of issue of any preference shares, every preference share issued before the commencement of this Act and which is not redeemable before the expiry of ten years from the date of issue thereon in accordance with the terms of its issue and which had not been redeemed before such commencement, shall be redeemed by the company on the date on which such share is due for redemption or before the 14th day of June, 1998, whichever is earlier : Provided that where a company is not in a position to redeem any such share within the period aforesaid and to pay the dividend, if any, due thereon (such shares being hereinafter referred to as unredeemed preference shares), it may, with the consent of the Company Law Tribunal , on a petition made by it in this behalf and notwithstanding anything contained in this Act, issue further redeemable preference shares equal to the amounts due (including the dividend thereon), in respect of the unredeemed preference shares, and on the issue of such further redeemable preference shares, the unredeemed shares shall be deemed to have been redeemed. (2) Nothing contained in section 92 or any scheme referred to in sections 266 to 271, or in any scheme made under section 273, shall be deemed to confer power on any class of shareholders by resolution or on any Court or the Central Government to vary or modify the provisions of this section. (3) If default is made in complying with the provisions of this section,- (a) the company making such default shall be punishable with fine which may extend to one thousand rupees for every day during which such default continues; and (b) every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine. Reference: http://www.nic.in/dca/bill/PART3S71.HTM |
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