Buy-back explanatory statement must disclose corporate, financial and procedural details including board and auditor confirmations. The Explanatory Statement for a special resolution on buy-back must disclose key operational and financial particulars: Board approval date, necessity, class and method of buy-back, maximum funds and sources, basis of buy-back price, number of securities proposed and time limit, promoters' aggregate holdings and recent trading, intention to tender with acquisition details, confirmation of no subsisting repayment defaults, Board's solvency opinion for the year ahead including contingent liabilities, and an auditors' report confirming inquiry, permissible capital payment and reasonableness of the Board's opinion.
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Provisions expressly mentioned in the judgment/order text.
Buy-back explanatory statement must disclose corporate, financial and procedural details including board and auditor confirmations.
The Explanatory Statement for a special resolution on buy-back must disclose key operational and financial particulars: Board approval date, necessity, class and method of buy-back, maximum funds and sources, basis of buy-back price, number of securities proposed and time limit, promoters' aggregate holdings and recent trading, intention to tender with acquisition details, confirmation of no subsisting repayment defaults, Board's solvency opinion for the year ahead including contingent liabilities, and an auditors' report confirming inquiry, permissible capital payment and reasonableness of the Board's opinion.
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