Regulation 12 - Extinguishment of certificate - Securities and Exchange Board of India (Buy Back Of Securities) Regulations, 1998

Extinguishment of certificate 12. 1 [(1) The company shall extinguish and physically destroy the security certificates so bought back in the presence of a Registrar to issue or the Merchant Banker and the Statutory Auditor within fifteen days of the date of acceptance of the shares or other specified securities: Provided that the company shall ensure that all the securities bought - back are extinguished within seven days of the last date of completion of buy - back.] (2) The 2 [shares or other specified securities] offered for buy-back if already dematerialised shall be extinguished and destroyed in the manner specified under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, and the bye-laws framed thereunder. 3 [(3)(a) The company shall, furnish a certificate to the Board certifying compliance as specified in sub-regulation (1) and duly certified and verified by - (i) the registrar and whenever there is no registrar by the merchant banker; (ii) two directors of the company one of whom shall be a managing director where there is one; (iii) the statutory auditor of the company, (b) The certificate required under clause (a) shall be furnished to the Board on a monthly basis by the seventh day of the month succeeding the month in which the securities certificates are extinguished and destroyed.] 4 [(4) The company shall furnish, the particulars of the security certificates extinguished and destroyed under sub-regulation (1), to the stock exchanges where the shares of the company are listed on a monthly basis by the seventh day of the month succeeding the month in which the securities certificates are extinguished and destroyed.] (5) The company shall maintain a record of 5 [security certificates] which have been cancelled and destroyed as prescribed in sub-section (9) of section 77A of the Companies Act. ********* 1 Sub-regulation (1) substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18- 06-2004 for the following: The company shall extinguish and physically destroy the security certificates so bought back in the presence of a Registrar or the Merchant Banker, and the Statutory Auditor within seven days from the date of acceptance of the specified securities. In the above substituted sub-regulation (1): the words security certificates appearing after the words destroy the and before the words so bought back were substituted for the words share certificates by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. the words specified securities appearing at the end, after the words acceptance of the , were substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 2 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words specified securities , which had earlier been substituted for the word shares by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 3 Sub-regulation (3) substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18- 06-2004 for the following: (3) The company shall furnish a certificate to the Board duly verified by - (a) the registrar and whenever there is no registrar through the merchant banker; (b) two whole-time Directors including the Managing Director and, (c) the statutory auditor of the company, and certifying compliance as specified in sub-regulation (1), within seven days of extinguishment and destruction of the certificates. 4 Sub-regulation (4) substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18- 06-2004 for the following: The particulars of the security certificates extinguished and destroyed under sub-regulation (1) shall be furnished to the stock exchanges where the specified securities of the company are listed within seven days of extinguishment and destruction of the certificates. In the above substituted sub-regulation (1): the words security certificates appearing after the words particulars of the and before the word extinguished were substituted for the words share certificates by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. the words specified securities appearing at the end, after the words exchanges where the , were substituted for the words of the company by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 5 Substituted for the words share certificates by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999.