TaxTMI 
TaxTMI 
Contents of Explanatory Statement
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....ack shall, inter-alia, contain the following:-- (i) the date of the Board meeting at which the proposal for buy-back was approved by the Board of Directors of the company; (ii) the necessity for the buy-back; (iii) the class of security intended to be purchased under the buy-back; (iv) the method to be adopted for the buy-back; (v) the maximum amount required under the buy-back and the s....
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.... and sale referred to in (b) above were made along with the relevant date; (x) intention of the promoters and persons in control of the company to tender shares for buy-back indicating the number of shares, details of acquisition with dates and price; (xi) a confirmation that there are no defaults subsisting in repayment of deposits, redemption of debentures or preference shares or repayment o....
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....ed insolvent within a period of one year from that date; and (c) in forming their opinion for the above purposes, the directors shall take into account the liabilities as if the company were being wound up under the provisions of the Companies Act, 1956 (including prospective and contingent liabilities); (xiii) a report addressed to the Board of Directors by the company's auditors stating that....