Buy-back extinguishment compliance requires destruction, certification, reporting, and register maintenance for securities bought back. Extinguishment and physical destruction of buy-back securities certificates must be completed in the presence of the registrar to an issue or merchant banker and the secretarial auditor within the prescribed period, with all bought-back securities extinguished within seven working days of expiry of the buy-back period. Where the securities are already dematerialised, extinguishment and destruction must follow the Depositories and Participants regulatory framework, together with the relevant bye-laws, circulars and guidelines. The company must furnish a compliance certificate to the Board, report particulars to the stock exchanges, and maintain a register of the securities bought back and the related cancellation and destruction details.
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Provisions expressly mentioned in the judgment/order text.
Buy-back extinguishment compliance requires destruction, certification, reporting, and register maintenance for securities bought back.
Extinguishment and physical destruction of buy-back securities certificates must be completed in the presence of the registrar to an issue or merchant banker and the secretarial auditor within the prescribed period, with all bought-back securities extinguished within seven working days of expiry of the buy-back period. Where the securities are already dematerialised, extinguishment and destruction must follow the Depositories and Participants regulatory framework, together with the relevant bye-laws, circulars and guidelines. The company must furnish a compliance certificate to the Board, report particulars to the stock exchanges, and maintain a register of the securities bought back and the related cancellation and destruction details.
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