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1 - 4 of 4 (0.21 seconds)Section 77A in The Companies Act, 1956 [Entire Act]
Section 106 in The Companies Act, 1956 [Entire Act]
The Securities & Exchange Board Of India ... vs Sterlite Industries (India) Ltd. on 15 July, 2002
6.
It is pointed out that the only observation of the Regional
Director pertain to the compliance of the procedure prescribed under
Sec. 77 A of the Companies Act, 1956 for the buyback of the shares by
the company. As against that Mr. Soparkar, learned senior counsel
appearing for the petitioner has submitted that section 77A was not
given any overriding effect over the provisions of Section 391. The
legislative intention behind the introduction of Sec. 77A is only to
provide an alternative method by which the company can buy back its
shares. There is no legal bar to propose the buy back under Sec. 391
and the petitioner company has chosen to adopt the said scheme under
Sec. 391 of the Companies Act, 1956 and it is well settled that this
Hon'ble court has power to sanction such a scheme. Reliance is
placed on several decisions of different High Courts viz. the Bombay
High Court in the case of SEBI v. Sterlite Industries (India)
Limited, reported in (2003) 113 Company Cases 273, the Gujarat High
Court in the case of Gujarat Ambuja Exports Limited reported in
(2004) 118 Co. Cases 265 as well as the Andhra Pradesh High Court in
the case of T.C.L. Industries Limited, reported in (2004) 118 Co.
Cases 373.
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