Section 2(B) in The Companies (Amendment) Act, 2001
(B)such buy- back has been authorized by the Board by means of a resolution passed at its meeting: Provided further that no offer of buy- back shall be made within a period of three hundred and sixty- five days reckoned from the date of the preceding offer of buy- back, if any. Explanation.- For the purposes of this clause, the expression" offer of buy- back" means the offer of such buy- back made in pursuance of the resolution of the Board referred to in the first proviso;';
