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of <h1>Companies Act Section 77B: Buy-back Restrictions on Companies with Pending Financial Defaults or Non-compliance with Specific Provisions.</h1> Section 77B of the Companies Act, 1956, prohibits companies from buying back their own shares or specified securities under certain conditions. Companies cannot execute buy-backs through subsidiary or investment companies. Additionally, buy-backs are prohibited if the company has pending defaults in repaying deposits, interests, redeeming debentures or preference shares, paying dividends, or repaying term loans to financial institutions or banks. Furthermore, companies are restricted from buy-backs if they have not complied with the provisions of sections 159, 207, and 211 of the Act.
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