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In this article, we will discuss the legal analysis about the obligations of the company and merchant banker during the buyback of shares.
The company should nominate a compliance officer & investor’s service center for compliance with the buy-back regulations & to redress the complaints of the investors. The particulars of said security certificates extinguished & destroyed should be furnished by the company to stock exchanges where the securities of the company are listed, within 7 days of extinguishment & destruction of the certificates.
The company shouldn’t buy-back the locked-in securities & non-transferable securities till pendency of the lock-in shares or till the securities become transferable. The company should issue, within the period of 2 days after the completion of buy-back, a public advertisement in a national daily, inter alia, disclosing the following:
Also, Read: Method for Buyback of Shares as per Company Act.
Recommended Article: Legal Background of Buyback of Shares under Companies Act 2013.
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