Section 68 of CA 2013 : Section 68: Power Of Company To Purchase Its Own Securities
CA 2013
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Explanation using Example
Imagine XYZ Corp, a publicly traded company, has been performing well and has accumulated substantial cash reserves. The management decides to return some value to its shareholders and improve financial metrics such as earnings per share (EPS). They propose to buy back 5% of the company's outstanding shares using the company's free reserves.
To comply with Section 68 of The Companies Act, 2013, XYZ Corp's Board of Directors first ensures that their Articles of Association authorize share buy-backs. Then, they convene a general meeting where the shareholders pass a special resolution approving the buy-back plan.
XYZ Corp sends a notice of the meeting to the shareholders, which includes an explanatory st...
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