Buy-back of shares or other specified securities prohibits delisting and prescribes certificate extinguishment, enhanced disclosures and procedural safeguards. Amendment replaces references to specified securities with shares or other specified securities to extend applicability to both, prohibits buy-backs that effect delisting, mandates deposit of a specified portion of funds, requires physical extinguishment and destruction of security certificates in the presence of prescribed officials within prescribed timelines, and obliges companies and merchant bankers to provide certified monthly compliance certificates to the Board and monthly particulars to stock exchanges, with reinforced disclosure, signature and publication requirements for announcements and letters of offer.
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 shares or other specified securities prohibits delisting and prescribes certificate extinguishment, enhanced disclosures and procedural safeguards.
Amendment replaces references to specified securities with shares or other specified securities to extend applicability to both, prohibits buy-backs that effect delisting, mandates deposit of a specified portion of funds, requires physical extinguishment and destruction of security certificates in the presence of prescribed officials within prescribed timelines, and obliges companies and merchant bankers to provide certified monthly compliance certificates to the Board and monthly particulars to stock exchanges, with reinforced disclosure, signature and publication requirements for announcements and letters of offer.
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