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Under Section 61, alteration of share capital does NOT include:
ABuy-back of shares
BConsolidation and sub-division into shares of larger/smaller denomination
CConversion of shares into stock or vice versa
DIncrease of authorised share capital
Answer & Solution
Correct answer: A. Buy-back of shares
1. Step 1: Sec 61 covers (a) increase, (b) consolidation/sub-division, (c) conversion to stock, (d) cancellation of unissued shares.
2. Step 2: Buy-back is governed by Sec 68, not Sec 61.
3. Step 3: Hence (D).
_Source: ICAI BoS CA Inter Paper 1, Ch 14 "Internal Reconstruction"_