Buy back

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Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 Can a Unlisted Co. Buy Back its Prefrence Shares

Ajay Mishra

Ajay Mishra (Expert)
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09 April 2013 Hi

Section 77A of the Companies Act, 1956 empowers a company to purchase its own shares or other specified securities in certain cases. It has overriding effects on all other provisions contained in the Act. Now a company may purchase its own shares or other specified securities (hereafter referred to as "buy-back") in the manner provided in sections 77A, 77AA and 77B. Specified securities may include, preference shares, employees' stock option or other securities as may be notified by the Central Government.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 Sir can you tell me where the meaning of Specified securities is given apart from sec 77A coz specified securities does not include prefrence shares as per sec 77A as far as im concerned

May be im wrong, but please clarify

or if there is any notification regarding the same then please specify

Ajay Mishra

Ajay Mishra (Expert)
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09 April 2013 Please Read "Return of Buy Back of Securities" pursuant to section 77A(10) of the Companies Act, 1956 read with Rule 9 of Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Rules, 1999.

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