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Preliminary Conditions for Buy Back of Shares

Preliminary Conditions for Buy Back of Shares

Preliminary Conditions for

Section 68(2): Preliminary Conditions.

a)      must be authorized by its articles;

b)      a special resolution has been passed at a general meeting of the company authorizing the buy-back, but the same is not required when:

—(i) the buy-back is 10% or less of the total paid-up equity capital and free reserves of the company; and

—-(2) such buy-back has been authorized by the Board by means of a resolution passed at its meeting;

c)       the buy-back is twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company. But in case of Equity Shares, the same shall be taken as 25% of paid up equity capital only.

d)      Debt equity ratio should be 2:1

Where: Debt is aggregate of secured and unsecured debts owed by the after buy-back

Equity: is aggregate of the paid-up capital and its free reserves:

e)      all the shares or other specified securities for buy-back are fully paid-up;

f)       If shares or securities are listed, buy back will be in accordance with the regulations made by the Securities and Exchange Board in this behalf; and

g)      the buy-back in respect of unlisted shares or other specified securities is in accordance Share Capital and Debentures Rules, 2014

h)  No offer of buy-back shall be made within a period of one year from the date of the closure of the preceding offer of buy-back, if any.

Preliminary Conditions for Buy Back of Shares

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