Buy-back from existing security-holders

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..... ty-holders] on a proportionate basis in accordance with the provisions of this Chapter: 4 [Provided that fifteen percent of the number of securities which the company proposes to buy back or number of securities entitled as per their shareholding, whichever is higher, shall be reserved for small shareholders.] ******** 1 Substituted for the word shareholders by the SEBI (Buy-bac .....

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