Question
According to the provisions of the Companies Act, can a
company buy back shares or specified securities from the proceeds of an earlier issue of the same kind?Solution
Section 68.Power of company to purchase its own securities: (1) Notwithstanding anything contained in this Act, but subject to the provisions of sub-section (2), a company may purchase its own shares or other specified securities (hereinafter referred to as buy-back) out of— (a) its free reserves; (b) the securities premium account; or (c) the proceeds of the issue of any shares or other specified securities: Provided that no buy-back of any kind of shares or other specified securities shall be made out of the proceeds of an earlier issue of the same kind of shares or same kind of other specified securities.
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Neither of the solutions seem to be effective.
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