Stock exchange buy-back rules require nationwide trading terminals, public announcement disclosures, and order matching execution. Buy-back through the stock exchange is restricted to exchanges having nationwide trading terminals and cannot be made from promoters or persons in control of the company. It must be executed through the order matching mechanism, subject to the stated exception for the 'all or none' system, and is limited to frequently traded shares and to the Board's restrictions on bids, price and volume. The company must appoint a merchant banker, make a public announcement, send electronic intimation to shareholders, file the announcement with the Board and stock exchanges, and no draft letter of offer or letter of offer is required for open market buy-back.
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.
Stock exchange buy-back rules require nationwide trading terminals, public announcement disclosures, and order matching execution.
Buy-back through the stock exchange is restricted to exchanges having nationwide trading terminals and cannot be made from promoters or persons in control of the company. It must be executed through the order matching mechanism, subject to the stated exception for the 'all or none' system, and is limited to frequently traded shares and to the Board's restrictions on bids, price and volume. The company must appoint a merchant banker, make a public announcement, send electronic intimation to shareholders, file the announcement with the Board and stock exchanges, and no draft letter of offer or letter of offer is required for open market buy-back.
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