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As per Sec 68 of Companies Act: • Buyback ≤ 25% of paid-up capital + free reserves = 25% of ₹200L = ₹50L • Max buyback of paid-up equity capital only = 25% of ₹80L = ₹20L face value • At ₹20/share ⇒ 2L shares × ₹20 = ₹40L So, actual outflow: ₹40L But limit under act is 25% of total paid-up + reserves = ₹50L ⇒ Can use max ₹50L Answer: ₹50L
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