Securities and Exchange Board of India (Buy-back of Securities) (Amendment) Regulations, 1999 - S.O. No.776(E) - SEBI/LE/17999/99 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21st September, 1999 S.O. 776(E).- In exercise of the powers conferred by sub-section (1) of Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with clause (f) of sub-section (2) of Section 77A of the Companies Act, 1956 (1 of 1956) as inserted by Companies (Amendment) Act, 1999 (21 of 1999), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998, namely:- I. (i) These regulations may be called the Securities and Exchange Board of India (Buy-back of Securities) (Amendment) Regulations, 1999. (ii) They shall come into force on the date of their publication in the Official Gazette. II. In Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (hereinafter referred to as regulations ): 1) in the recital, the words Companies (Amendment) Ordinance, 1998 (19 of 1998) shall be substituted by the words the Companies (Amendment) Act, 1999 (21 of 1999). 2) in the principal regulations, - a) for the word share wherever it occurs, the words specified securities shall be substituted; b) for the words shareholders wherever it occurs, the word security-holders shall be substituted; c) for the word share certificates wherever it occurs, the words security certificates shall be substituted. 3) in clause (f) of sub-regulation (1) of Regulation 2, for the words Companies (Amendment) Ordinance, 1999 (19 of 1998) the words Companies (Amendment) Act, 1999 (21 of 1999) shall be substituted. 4) in clause (i) of sub-regulation (1) of regulation 2, for the words Companies (Amendment) Ordinance, 1998 the words Companies (Amendment) Act, 1999 (21 of 1999) shall be substituted. 5) in clause (a) of regulation 7, - a) for the word price appearing after the word The and before the words at which , the words maximum price shall be substituted; and b) the words and whether the Board of Directors of the company are being authorised at the general meeting to determine subsequently the specific price at which the buy-back may be made at the appropriate time shall be added after the words shall be made . 6) sub-regulation (6) of regulation 19 shall be omitted. 7) In Schedule I, for clause iii the following clause shall be substituted, namely: iii. The company may specify in the explanatory statement to the notice that the shareholders at the general meeting may authorise the Board of Directors of the company to adopt one of the methods referred in sub-regulation (1) of regulation 4 at the appropriate time. [F. No. SEBI/LE/17999/99] D.R. MEHTA, Chairman Footnote: 1. Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, the principal regulations, was published in the Gazette of India on November 14, 1998, vide G.S.R. No. 975 (E).