Buy-back of shares is restricted by capital limits, debt ratios, permitted methods, and minimum public shareholding safeguards.

Buy-back of shares and specified securities is confined by a twenty-five per cent ceiling on paid-up capital and free reserves, a prescribed post-buy-back debt ratio, and the requirement that all securities be fully paid-up. It may be undertaken only through permitted routes such as a proportionate tender offer or open market methods, and cannot be used for delisting, negotiated deals, private arrangements, or indirect purchase through subsidiaries or investment companies. Additional limits govern funding sources, capital reduction, default conditions, timing between offers, and minimum public shareholding.

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