In section 77A of the Companies Act, 1956 (1 of 1956 ) (hereinafter referred to as the principal Act),-(a) in sub- section (2), in clause (b), the following shall be inserted, namely:-' Provided that nothing contained in this clause shall apply in any case where-(A)the buy- back is or less than ten per cent. of the total paid- up equity capital and free reserves of the company; and(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;';(b)in sub- section (4), for the words" special resolution", the words" special resolution or a resolution passed by the Board" shall be substituted;(c)in sub- section (6), after the words, brackets, letter and figure" special resolution under clause (b) of sub- section (2)", the words, brackets and letter" or the Board has passed a resolution under the first proviso to clause (b) of that sub- section shall be inserted;(d)in sub- section (8), for the words" within a period of twenty- four months", the words" within a period of six months" shall be substituted.
