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of <h1>Share Buy-Back Restrictions Under Section 70: When Companies Are Barred Due to Defaults and Compliance Failures</h1> Section 70 of the Companies Act, 2013 prohibits a company from directly or indirectly buying back its own shares or specified securities through any subsidiary, investment company, or group of investment companies. It also bars buy-back where the company has defaulted in repayment of deposits, interest, redemption of debentures or preference shares, payment of dividends, or repayment of term loans or interest to financial institutions or banks, unless the default is cured and three years have elapsed thereafter. Additionally, a company cannot undertake buy-back if it has not complied with statutory requirements relating to annual return, declaration and payment of dividend, unpaid dividend transfer, and financial statements.
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