Buy-back certificate extinguishment requires timely verification, monthly destruction in official presence, and completion within strict timelines. Open market buy-back through stock exchange follows the extinguishment framework applicable to tender offers, subject to specific timelines. The company must complete verification of acceptances within fifteen working days of payout and must extinguish and physically destroy the securities certificates bought back during a month in the presence of a Merchant Banker and the secretarial auditor on or before the fifteenth day of the succeeding month.
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 certificate extinguishment requires timely verification, monthly destruction in official presence, and completion within strict timelines.
Open market buy-back through stock exchange follows the extinguishment framework applicable to tender offers, subject to specific timelines. The company must complete verification of acceptances within fifteen working days of payout and must extinguish and physically destroy the securities certificates bought back during a month in the presence of a Merchant Banker and the secretarial auditor on or before the fifteenth day of the succeeding month.
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