shares, debentures and fixed deposit holders; (c) allowing the companies to buy-back their shares subject to certain safeguards; (d) to provide for transfer ... sector, it was felt that the company should be permitted to buy-back their own shares, to make investments or loans freely without prior approval
assessment year, any amount of
distributed income by the company on buy-back of shares
(not being shares listed on a recognised stock exchange)
from ... distributed income.
Explanation.—For the purposes of this section,—
(i) "buy-back" means purchase by a company of its
own shares in accordance
arrangement. (10) No compromise or arrangement in respect of any buy-back of securities under this section shall be sanctioned by the Tribunal unless such ... buy-back is in accordance with the provisions of section 68. (11) Any compromise or arrangement may include takeover offer made in such manner
referred to as "the owner") sells or transfers those securities, and buys back or reacquires the securities, then, if the result of the transaction ... other person. Explanation.—The references in this sub-section to buying back or reacquiring the securities shall be deemed to include references to buying
shares or other specified securities (hereinafter referred to as "buy-back") out of- (i) its free reserves; or (ii) the securities premium account ... proceeds of any shares or other specified securities: Provided that no buy-back of any kind of shares or other specified securities shall be made
specify the reasons for the failure, if any, to complete the buy-back within the time specified in sub-section (4) of section
money unpaid on their shares; (aa) [ the power to authorise the buy-back referred to in the first proviso to clause (b) of sub-section
case
these contracts have been regarded as ready-forward
transactions or buy-back transactions. The parties are
agreed, and it is on this basis that ... that the ready-forward
transaction (or as sometimes described as a buy-back
transaction) had four ingredients; (i) there must be a
present sale
that effect. (6) Nothing in this section shall apply to buy-back of its own securities by a company under section 68. (7) A member
shares or other specified securities (hereinafter referred to as buy-back) out of— (a) its free reserves; (b) the securities premium account ... issue of any shares or other specified securities: Provided that no buy-back of any kind of shares or other specified securities shall be made
