Buy-back disclosure requirements require comprehensive contents in the letter of offer including financials, market data and director declarations. The letter of offer must be dated and board-signed and include a Board-prescribed disclaimer; full offer details (number and percentage of securities to be bought back and price); proposed timetable and specified date; authority for the offer; full disclosure of material facts and necessity; process, maximum amount, and min/max securities proposed; sources of funds and financing cost; company information and audited financials; escrow and listing/market data; capital structure and promoter holdings; director declarations on defaults and solvency; and an auditors' report confirming permissible capital payment.
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 disclosure requirements require comprehensive contents in the letter of offer including financials, market data and director declarations.
The letter of offer must be dated and board-signed and include a Board-prescribed disclaimer; full offer details (number and percentage of securities to be bought back and price); proposed timetable and specified date; authority for the offer; full disclosure of material facts and necessity; process, maximum amount, and min/max securities proposed; sources of funds and financing cost; company information and audited financials; escrow and listing/market data; capital structure and promoter holdings; director declarations on defaults and solvency; and an auditors' report confirming permissible capital payment.
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