Explain the concept of "Treasury shares' with reference to the provisions of the Singapore Companies Act, 1967 (as amended). Additionally, explain on whether this concept is prevalent in the Indian context under the Comp

According to Section 76H of the Singapore Companies Act, 1967 (as amended), where ordinary shares or stock are purchased or otherwise acquired by a Singapore company in accordance with the provisions of Singapore Companies Act, 1967, the company may hold such shares and deal with them at any time in accordance with section 76K. Such shares are called as treasury shares. However, as per section 76(1) such treasury shares held as investment by the company cannot exceed 10% of total number of shares of the same class at that time. Where ordinary shares are held u/s 76(H) of Singapore Companies Act, 1967 by the company, the name of the company itself will be entered as a member holding such treasury shares in the Register of members (u/s 190 of Singapore Companies Act). In Indian context the concept of treasury shares is not prevalent in Companies Act, 2013.