Section 12 in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
12. Extinguishment of Certificate.-
[(1) The company shall extinguish and physically destroy the security certificates so bought back in the presence of a Registrar to issue or the Merchant Banker and the Statutory Auditor within fifteen days of the date of acceptance of the shares or other specified securities. Provided that the company shall ensure that all the securities bought-back are extinguished within seven days of the last date of completion of buy-back.] [Inserted by S.O. 745(E), dated 18.6.2004](2)The [shares or other specified securities] [Inserted by S.O. 745(E), dated 18.6.2004] offered for buy-back if already dematerialised shall be extinguished and destroyed in the manner specified under Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 and the bye-laws framed thereunder.(3)[ (a) The company shall furnish a certificate to the Board certifying compliance as specified in sub-regulation (1) and duly certified and verified by :-(i)the registrar and whenever there is no registrar by the merchant banker;(ii)two Directors of the company one of whom shall be a Managing Director where there is one,(iii)the statutory auditor of the company(b)The certificate required under clause (a) shall be furnished to the Board on a monthly basis by the seventh day of the month succeeding the month in which the securities certificate are extinguished and destroyed.] [Inserted by S.O. 745(E), dated 18.6.2004](4)[ The company shall furnish, the particulars of the security certificates extinguished and destroyed under sub-regulation (1), to the stock exchanges where the shares of the company are listed on a monthly basis by the seventh day of the month succeeding the month in which the securities certificates are extinguished and destroyed.] [Substituted by S.O. 745(E), dated 18.6.2004](5)The company shall maintain a record of share certificates, which have been cancelled and destroyed as prescribed in sub-section (9) of section 77A of the Companies Act.
