Filing of Declaration of Solvency best cs books notes
After the passing of resolution but before making buy-back, file with the Registrar and the Securities and Exchange Board of India a declaration of solvency in form 4A.
The declaration must be verified by an affidavit to the effect that the Board has made a full inquiry into the affairs of the company as a result,
of which they have formed an opinion that it is capable of meeting its liabilities,
and will not be rendered insolvent within a period of one year of the date of declaration adopted by the Board,
and signed by at least two directors of the company, one of whom shall be the managing director, if any:
No declaration of solvency shall be filed with the Securities and Exchange Board of India by a company.
whose shares are not listed on any recognized stock exchange.