Section 8 in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
8. Filing of offer document, etc.-
(1)The company which has been authorised by a special resolution [or a resolution passed by the Board of Directors at its meeting] [Instituted by S.O. 1181(E), dated 28.11.2001] shall before buy back of [shares or other specified securities] [Substituted by S.O. 745(E), dated 18.6.2004] make a public announcement in at least one English National Daily, one Hindi National Daily and a Regional language daily all with wide circulation at the place where the Registered office of the company is situated and shall contain all the material information as specified in schedule II.(2)The public announcement shall specify a date, which shall be the `specified date' for the purpose of determining the names of the [security holders] to whom the letter of offer shall be sent.(3)The specified date shall not be later than thirty days from the date of the public announcement.(4)The Company shall within seven working days of the public announcement shall file with the Board a draft-letter of offer containing disclosures as specified in schedule III through a merchant banker who is not associated with the company.(5)The draft letter of offer referred to in sub regulation (4) shall be accompanied with fees specified in schedule IV.(6)The letter of offer shall be dispatched not earlier than twenty-one days from its submission to the Board under sub-regulation (4).Provided that if, within twenty-one days from the date of submission of the draft letter of offer, the Board specifies modifications, if any, in the draft letter of offer, (without being under any obligation to do so) the merchant banker and the company shall carry out such modifications before the letter of offer is dispatched to the security holders.(7)The company shall file along with the draft letter of offer, a declaration of solvency in the prescribed form and in a manner prescribed in sub-section (6) of section 77A of the Companies Act.
