Buy-back disclosure requirements: letter of offer must detail offer terms, funding, financials, capital structure and directors' declarations. Schedule II mandates that a buy-back letter of offer must state offer terms (number and percentage of securities, price), timetable, authority and full material disclosures including the explanatory statement for the special resolution; necessity, process, minimum/maximum securities, funding sources and financing costs; three years' audited financials with prescribed ratios; present and post buy-back capital structure; promoter and related holdings with prior transactions and prices; management discussion on impacts; statutory approvals; directors' declarations on defaults and solvency for one year including contingent liabilities; and an auditors' report supporting permissible capital payment and the directors' opinion.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Buy-back disclosure requirements: letter of offer must detail offer terms, funding, financials, capital structure and directors' declarations.
Schedule II mandates that a buy-back letter of offer must state offer terms (number and percentage of securities, price), timetable, authority and full material disclosures including the explanatory statement for the special resolution; necessity, process, minimum/maximum securities, funding sources and financing costs; three years' audited financials with prescribed ratios; present and post buy-back capital structure; promoter and related holdings with prior transactions and prices; management discussion on impacts; statutory approvals; directors' declarations on defaults and solvency for one year including contingent liabilities; and an auditors' report supporting permissible capital payment and the directors' opinion.
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