Buy-back power subject to funding, authorisation, solvency declaration, cancellation and regulatory filings, and limits on reissue. Companies may buy back their own shares or specified securities from defined internal funds, subject to authorisation by the articles and shareholder or board resolution, statutory quantitative and solvency limits, and compliance with market regulations for listed securities. Procedural requirements include an explanatory statement, a declaration of solvency before the buy-back, completion and destruction of bought-back securities within prescribed periods, maintenance of a buy-back register, and filing returns; non-compliance attracts fines and penalties.
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 power subject to funding, authorisation, solvency declaration, cancellation and regulatory filings, and limits on reissue.
Companies may buy back their own shares or specified securities from defined internal funds, subject to authorisation by the articles and shareholder or board resolution, statutory quantitative and solvency limits, and compliance with market regulations for listed securities. Procedural requirements include an explanatory statement, a declaration of solvency before the buy-back, completion and destruction of bought-back securities within prescribed periods, maintenance of a buy-back register, and filing returns; non-compliance attracts fines and penalties.
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