Public announcement requirement for buy-back: mandates timely publication and filing, and draft offer submission to regulator. Regulation 8 requires that when a company authorises a buy-back by special or board resolution it must make a public announcement within two working days and submit that announcement to the Board via a merchant banker. Within five working days of the announcement the company must file a draft letter of offer through an independent merchant banker, pay fees prescribed in Schedule IV, and include a declaration of solvency as prescribed; the Board may comment on the draft within seven working days and any specified changes must be made before dispatch.
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.
Public announcement requirement for buy-back: mandates timely publication and filing, and draft offer submission to regulator.
Regulation 8 requires that when a company authorises a buy-back by special or board resolution it must make a public announcement within two working days and submit that announcement to the Board via a merchant banker. Within five working days of the announcement the company must file a draft letter of offer through an independent merchant banker, pay fees prescribed in Schedule IV, and include a declaration of solvency as prescribed; the Board may comment on the draft within seven working days and any specified changes must be made before dispatch.
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