Conditions and requirements for buy-back of shares and specified securities

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....respect to the total paid-up equity share capital of the company in that financial year.] ^2[(ii) The ratio of the aggregate of secured and unsecured debts owed by the company to the paid-up capital and free reserves after buy-back shall,-: a) be less than or equal to 2:1, based on ^6[the standalone or consolidated financial statements of the company, whichever ^9[is lower]]: Provided that if a higher ratio of the debt to capital and free reserves for the company has been notified under the Companies Act, 2013, the same shall prevail; or b) be less than or equal to 2:1, based on ^6A[the standalone or consolidated financial statements of the company, whichever ^10[is lower]], after excluding financial statements....

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....1, 2023; (ii) ten per cent of the paid up capital and free reserves of the company till March 31, 2024; (iii) five per cent of the paid up capital and free reserves of the company till March 31, 2025: Provided further that buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025 ^16[till July 31, 2026].]] ^17[Provided further that with effect from August 1, 2026, the buy-back from the open market through the stock exchange shall be less than fifteen per cent of the paid up capital and free reserves of the company, based on both standalone and consolidated financial statements of the company.] (v) A company shall not buy-back its shares or other specif....

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....thereon, redemption of debentures or preference shares or payment of dividend to any shareholder, or repayment of any term loan or interest payable thereon to any financial institution or banking company: Provided that the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist. ^19[(xi) A company shall not propose any offer of buy-back of shares or other specified securities that results in the breach of the minimum public shareholding requirements prescribed under the Securities Contracts (Regulation) Rules, 1957 or specified under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.]   ....

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....respect to its total paid-up equity capital in that financial year;" 6. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 w.e.f. thirtieth day from the date of their publication in the Official Gazette before it was read as, "both standalone and consolidated financial statements of the company" 6A. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 w.e.f. thirtieth day from the date of their publication in the Official Gazette before it was read as, "both standalone and consolidated financial statements of the company" 7. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 w.e.f. thirtieth day from the date of their....