⭐ Important points (exam-critical)
- ⭐Securities Premium uses (Sec 52): bonus issue, write-off preliminary expenses, premium on redemption, buy-back.
- ⭐If pro-rata allotment, excess application money adjusts towards allotment then calls.
- ⭐Re-issue at discount: max discount = forfeited amount per share.
- ⭐Companies Act 2013 prohibits issue at discount (except sweat equity).
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