Section 9 in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
9. Offer procedure.-
(1)The offer for buy back shall remain open to the members for a period not less than fifteen days and not exceeding thirty days.(2)The date of the opening of the offer shall not be earlier than seven days or later than thirty days after the specified date.(3)The letter of offer shall be sent to the [security holders] so as to reach the [security holders] before the opening of the offer.(4)In case the number of [shares or other specified securities] [Substituted by S.O. 745 (E), dated 18.6.2004] offered by the [39][security holders] is more than the total number of [shares or other specified securities] [Substituted by S.O. 745 (E), dated 18.6.2004] to be bought back by the company, the acceptances per [security holder] shall be equal to the acceptances tendered by the [security holders] divided by the total acceptances received and multiplied by the total number of [shares or other specified securities] [Substituted by S.O. 745 (E), dated 18.6.2004] to be bought back.(5)The company shall complete the verifications of the offers received within fifteen days of the closure of the offer and the [shares or other specified securities] [Substituted by S.O. 745 (E), dated 18.6.2004] lodged shall be deemed to be accepted unless a communication of rejection is made within fifteen days from the closure of the offer.
