buy back

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Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2011 can a company hold board meeting and extra ordianry general meeting to approve buy back of shares on the same day? 21 days notice is mandatory or not?

CS Jignesh Mistry

CS Jignesh Mistry (Expert)
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11 April 2011 yes, 21days clear notice is mandatory, since it will possess all the details of Buyback.
2ndly, unless approved by Board (if BB is within board limits) how can BB be intimated to members and take effect during EGM.

Jayashree S Iyer

Jayashree S Iyer (Expert)
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12 April 2011 As per Section 171(2)(ii), a General Meeting can be convened by giving shorter notice, if consent thereto is accorded by members holding not less than 95% of the paid of capital of the company.

So if consent of 95% of the shareholders (in closely held companies, it may be possible) could be obtained for shorter notice, then BM and EGM can be convened on the same day.

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