Buyback of shares by pvt. ltd. company
This query is : Resolved
07 October 2011
Can any body inform me about the Buyback of Shares by Pvt. Ltd. Company on the following:
1. No. of Board meetings required to be held for buyback of shares less than 10%
2. date in the draft letter of offer
3. Is appointment of Compliance Officer mandatory as mentioned in the form 4A
4. Is opening of the new bank account for buyback is mandatory
Regards
Bhavik
1. No. of Board meetings required to be held for buyback of shares less than 10%
2. date in the draft letter of offer
3. Is appointment of Compliance Officer mandatory as mentioned in the form 4A
4. Is opening of the new bank account for buyback is mandatory
Regards
Bhavik
08 October 2011
- For Buy Back of securities less than 10% of Equity and Reserves and Surpluses, approval of Shareholders in General Meting is not required, only the Board of Directors by passing Board Resolution can do so.
- Date in Letter of Offer shall be the same when, the offer is drafted and send to Sh. Holders .i.e Board Meeting date.
- Certificate From CA in 4A is required to be taken for Declaration of Solvency by Director of Co. for 12 months.
- yes, Opening of New Bank Account is mandatory, and a resolution for opening of New Account is also required to be pass in Board meeting.
- Further, all the shares offered in the Resolution are required to be Buy Back within a period of 12 Months.
- and there should be a provision in the Articles permitting the Co. to Buy Back its own securities u/s 77A.
- If there is no such provision then, a special resolution is required to be pass in general meeting to insert.
For further Query, you can ask freely
Gurvinder Singh
csgurvindersingh@gmail.com
- Date in Letter of Offer shall be the same when, the offer is drafted and send to Sh. Holders .i.e Board Meeting date.
- Certificate From CA in 4A is required to be taken for Declaration of Solvency by Director of Co. for 12 months.
- yes, Opening of New Bank Account is mandatory, and a resolution for opening of New Account is also required to be pass in Board meeting.
- Further, all the shares offered in the Resolution are required to be Buy Back within a period of 12 Months.
- and there should be a provision in the Articles permitting the Co. to Buy Back its own securities u/s 77A.
- If there is no such provision then, a special resolution is required to be pass in general meeting to insert.
For further Query, you can ask freely
Gurvinder Singh
csgurvindersingh@gmail.com
08 October 2011
- For Buy Back of securities less than 10% of Equity and Reserves and Surpluses, approval of Shareholders in General Meting is not required, only the Board of Directors by passing Board Resolution can do so.
- Date in Letter of Offer shall be the same when, the offer is drafted and send to Sh. Holders .i.e Board Meeting date.
- Certificate From CA in 4A is required to be taken for Declaration of Solvency by Director of Co. for 12 months.
- yes, Opening of New Bank Account is mandatory, and a resolution for opening of New Account is also required to be pass in Board meeting.
- Further, all the shares offered in the Resolution are required to be Buy Back within a period of 12 Months.
- and there should be a provision in the Articles permitting the Co. to Buy Back its own securities u/s 77A.
- If there is no such provision then, a special resolution is required to be pass in general meeting to insert.
For further Query, you can ask freely
Gurvinder Singh
csgurvindersingh@gmail.com
- Date in Letter of Offer shall be the same when, the offer is drafted and send to Sh. Holders .i.e Board Meeting date.
- Certificate From CA in 4A is required to be taken for Declaration of Solvency by Director of Co. for 12 months.
- yes, Opening of New Bank Account is mandatory, and a resolution for opening of New Account is also required to be pass in Board meeting.
- Further, all the shares offered in the Resolution are required to be Buy Back within a period of 12 Months.
- and there should be a provision in the Articles permitting the Co. to Buy Back its own securities u/s 77A.
- If there is no such provision then, a special resolution is required to be pass in general meeting to insert.
For further Query, you can ask freely
Gurvinder Singh
csgurvindersingh@gmail.com
08 October 2011
Dear Bhavik
Please take note we need only one board meeting in this regards...in the board meeting first directors will approve the buy back of shares less than 10% of the equity share capital and free reserves,,,a draft declaration of solvency will be placed before the board and board approve the same,,,two directors including MD will be authorized to sign the declaration of solvency,,,,further draft offer letter will be placed and approved board and any director of the company will be authorized to file eform 62 to the ROC....a general resolution to do all acts as filling of return in eform 4C and maintenance of registers is to be given to some director or CS..
2.Borad meeting date will be date of letter of offer date...
3.opening of bank account is compulsory..]
4. Appointment of compliance officer is not necessary..
I hope your query is solved
Please take note we need only one board meeting in this regards...in the board meeting first directors will approve the buy back of shares less than 10% of the equity share capital and free reserves,,,a draft declaration of solvency will be placed before the board and board approve the same,,,two directors including MD will be authorized to sign the declaration of solvency,,,,further draft offer letter will be placed and approved board and any director of the company will be authorized to file eform 62 to the ROC....a general resolution to do all acts as filling of return in eform 4C and maintenance of registers is to be given to some director or CS..
2.Borad meeting date will be date of letter of offer date...
3.opening of bank account is compulsory..]
4. Appointment of compliance officer is not necessary..
I hope your query is solved
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Pan Card apply for Self help group
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
