Prohibition of Buy Back best cs books and notes 2018
A company shall not directly or indirectly purchase its own shares or other specified securities –
- Through any subsidiary company including its own subsidiary companies or
- Through any investment company or group of investment companies or
- There has been no default in any of the following
- In repayment of deposit or interest payable thereon,
- Redemption of debentures, or preference shares or
- Payment of dividend, if declared, to all shareholders within the stipulated time of 30 days from the date of declaration of dividend.