preference share capital of the company consisting of 1000 1% redeemable preference shares of Rs. 100/- each be reclassified as 2000 equity shares ... preferential shares of face value of Rs. 100 each and 1000 equity shares of the face value of Rs. 100 each. These shares were subsequently
guilty of manipulation of records not only pertaining to reclassification of the share capital but also further allotment of shares. The petitioner was reportedly present ... fully aware of the AGM held on 30.9.1998 wherein reclassification of share capital was done and also of the allotment of 1500 shares to Complex
sell their shares @ INR 2/- per share, as per
Resolution Plan, which letter was neither replied nor the Appellants sold
their equity shares. The submission ... equity shares of the Promoter Group by asking them to sell the equity
shares @ INR 2/- after subscribing 72.65% of equity shares, so that after
sell their shares @ INR 2/- per share, as per
Resolution Plan, which letter was neither replied nor the Appellants sold
their equity shares. The submission ... equity shares of the Promoter Group by asking them to sell the equity
shares @ INR 2/- after subscribing 72.65% of equity shares, so that after
fresh issue of equity
shares during the financial year to any resident and the
increase in share premium of Rs. 1491.42 crores was purely ... provisions. He further submitted that, these entries pertain to
reclassification of shares issued earlier to the previous year
under appeal and thus, the provisions
paid to TSHL and not to the assessee-company. That was because shares had actually been transferred to the folio of TSHL and not held ... Income-tax Authorities before the date of search. The conversion/ reclassification of shares from stock-in-trade into investments was refleeted in the balance sheet
cash reclassification from CCD Liability to Share
Capital/Share Premium Accounts.
c. There is no inflow of funds during the year ... accounting treatment. Transfer to
Share Capital: ₹9,40,300; Transfer to Share Premium:
₹56,07,13,209; This was a reclassification, not a receipt
WITHOUT PREJUDICE TO GROUND II:
GROUND NO. Ill: RECLASSIFICATION OF SHARE APPLICATION
MONEY AS 'LOAN1 FOR THE PERIOD BETWEEN DATE OF
REMITTANCE TILL
investment in the equity shares of Energy
Development Corporation Ltd. in 1998. There has been no
transactions in the shares from the date of purchase ... Balance sheets as on 31.3.2004 and
31.3.2005. The fact that the shares were reclassifed from stock in
trade to investment due to an apparent mistake
Without prejudice to ground II:
Ground No. III: Reclassification of share application money
as ' Loan' for the period between date of remittance till
