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Buy Back of shares under the Companies Act,

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Provisions governing Buy Back of Shares under Companies Act

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SWARM Working Paper, Distributed Networks and the Law. Cambridge Place Investments v JPMorgan Chase, Credit Suisse, Bank of America, Barclays, Citigroup Country Wide, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, UBS Et Al. Lawsuit Against Penny Stock Chaser. The provisions regulating buy back of shares are contained in Section 77A, 77AA and 77B of the Companies Act, These were inserted by the Companies Amendment Act, Objectives of Buy Back: Shares may be bought back by the company on account of one or more of the following reasons i.

To increase promoters holding ii.

Increase earning per share iii. Minecraft 1.8 redstone tutorial - best trading system the capital structure by writing off capital not represented by available canadian forex trade signal. Support share value v.

Procedure for the Buy-Back of Shares and Other Securities by an Unlisted Company - iPleaders

To thwart takeover bid vi. Resources of Buy Back. A Company cannot buyback its shares or other stock trade rumors securities out of the proceeds of an earlier issue of the same kind forex trading true stories shares or specified securities.

Conditions of Buy Back. In the case of a listed company, can minors trade on the stock market approval is required by means of a postal ballot.

Disclosures in the explanatory statement. The notice of the meeting at which special resolution is proposed to be passed shall be accompanied by an provisions for buyback of shares statement stating - a a full and complete disclosure of all material facts; b the necessity for the buy-back; c the class of security intended to be purchased under the buy-back; d the amount to be invested under the buy-back; and e the time-limit for completion of buy-back.

Sources from where the shares will be purchased. Filing provisions for buyback of shares Declaration of solvency.

After the passing of resolution but before making buy-back, file with the Registrar and the Securities and Exchange Board of India a declaration of solvency in form 4A.

No declaration of solvency shall be filed with the Securit ies and Exchange Board of India by a company whose shares are not listed on any recognized stock exchange. Register of securities bought back. Issue of further shares after Buy back. Every buy-back shall be completed within twelve months from the date of passing the special resolution or Board resolution as the case may be. Filing of return with the Regulator. A Company shall, after the completion of the buy-back file with the Registrar and the Securities and Exchange Board of India, a return in form 4 C online broker optionsscheine such particulars relating to the buy-back within thirty days of such completion.

No return shall be filed with the Securiti es and Exchange Board of India by an unlisted company. Prohibition of Buy Back. Procedure for buy back. The public announcement shall specify a date, which shall be "specified date" for the purpose of determining the names of shareholders to whom the letter of offer has to be sent. A public notice shall be given containing disclosures as specified in Schedule I of the SEBI regulations.

A draft letter of offer shall be filed with SEBI through a merchant Banker. The letter of offer shall then be dispatched to the members of the company. A copy of the Board resolution authorising the buy back shall be filed with the SEBI and stock exchanges. The date of opening of the offer shall not be earlier than seven days or later than 30 days after the specified date g.

The buy back offer shall remain open for a period of not less than 15 days and not more than 30 days.

A company opting for buy back through the public offer or tender offer shall open an escrow Account. If a company makes default in complying with the provisions the company or any officer of the company who is in default shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to fifty thousand rupees, or with both. The offences are, of course compoundable under Section A of the Companies Act, Hide links within definitions.

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