Buy-back of securities: explanatory statement must disclose funding, price basis, holdings, transactions and solvency assurances. The explanatory statement for a special resolution to authorise a buy-back of securities must state board approval date, necessity, permitted method of buy-back, maximum buy-back quantum and funding sources, basis for buy-back price, and number of securities to be bought. It must disclose promoter and controller shareholdings, transactions in the prior six months with price ranges and dates, promoters' intention to tender securities, confirmations of no defaults on key financial obligations, the Board's solvency enquiries and opinions covering one-year viability including contingent liabilities, and an auditor's report validating these matters.
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 of securities: explanatory statement must disclose funding, price basis, holdings, transactions and solvency assurances.
The explanatory statement for a special resolution to authorise a buy-back of securities must state board approval date, necessity, permitted method of buy-back, maximum buy-back quantum and funding sources, basis for buy-back price, and number of securities to be bought. It must disclose promoter and controller shareholdings, transactions in the prior six months with price ranges and dates, promoters' intention to tender securities, confirmations of no defaults on key financial obligations, the Board's solvency enquiries and opinions covering one-year viability including contingent liabilities, and an auditor's report validating these matters.
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