Extinguishment of certificates requires physical destruction, depository extinguishment for dematerialised securities, and monthly regulatory reporting. Extinguishment of share or specified securities certificates after a buy-back requires physical destruction in the presence of the registrar or merchant banker and the statutory auditor; dematerialised securities must be extinguished under depository regulations. The company must furnish a monthly certificate to the Board, verified by the registrar or merchant banker, two directors (one being the managing director where applicable) and the statutory auditor, and must provide monthly particulars to the stock exchanges and maintain prescribed records of cancelled and destroyed certificates under the Companies Act.
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.
Extinguishment of certificates requires physical destruction, depository extinguishment for dematerialised securities, and monthly regulatory reporting.
Extinguishment of share or specified securities certificates after a buy-back requires physical destruction in the presence of the registrar or merchant banker and the statutory auditor; dematerialised securities must be extinguished under depository regulations. The company must furnish a monthly certificate to the Board, verified by the registrar or merchant banker, two directors (one being the managing director where applicable) and the statutory auditor, and must provide monthly particulars to the stock exchanges and maintain prescribed records of cancelled and destroyed certificates under the Companies Act.
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