9911796707
TMI BlogSecurities and Exchange Board of India (Buy-Back of Securities) (Amendment) Regulations, 2004.X X X X Extracts X X X X X X X X Extracts X X X X ..... -Back of Securities) Regulations, 1998, namely:- 1. (i) These regulations shall be called the Securities and Exchange Board of India (Buy-Back of Securities) (Amendment) Regulations, 2004. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities and Exchange Board of India (Buy-Back of Securities) Regulations 1998 , (i) In regulation 2, in sub-regulation (1), (a) in clause (e), for the words "specified securities", the words "shares or other specified securities" shall be substituted. (b) in clause (o), for the words "specified securities", the words "shares or other specified securities" shall be substituted. (ii) Regulation 3, shall be substituted by the following, namely-. "Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3), the following shall be substituted, namely- "3) The specified date shall not be later than thirty days from the date of the public announcement." (ix) In regulation 9, in sub-regulations (4) and (5), for the words "specified securities", wherever they appear, the words "shares or other specified securities" shall be substituted. (x) In regulation 11, in sub-regulation (1), after the words "together with" and before the words "the amount", the words "ninety per cent. of" Shall be inserted. (xi) In regulation 12, (a) for sub-regulation (1), the following shall be substituted, namely- "(1) The company shall extinguish and physically destroy the security certificates so bought back in the presence of a Registrar to issue or the Mer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed and destroyed." (xii) In regulation 13, for the words "specified securities", the words "shares or other specified securities" shall be substituted. (xiii) In regulation 14, in sub-regulations (1) and (2), for the words "specified securities", the words "shares or other specified securities" shall be substituted. (xiv) In regulation 15, (a) in the opening sentence and in clauses (b) and (f) for the words "specified securities", the words "shares or other specified securities" shall be substituted. (b) for clause (g), the following shall be substituted, namely- "(g) The buy-back shall be made only on stock exchanges having nationwide trading terminals;" (c) in clause (h), for the words "specified securities", the words "shares or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) in clause 18, for the words "equity shares", the words "shares or other specified securities" shall be substituted. (b) for clause 24, the following shall be substituted, namely- "24. The Public announcement shall be dated and signed on behalf of the Board of Directors of the company by its manager or secretary, if any, and by not less than two directors of the company one of whom shall be a managing director where there is one." (xx) In Schedule III, (a) in clause 18, for the words "equity shares", the words "shares or other specified securities" shall be substituted. (b) in clause 23, (i) in para (1), for the words "whole time directors" the words "directors of the company one of whom shall be a managing director where there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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