Buy-back may remain open for a period less than 15 days

Government of India

MINISTRY OF CORPORATE AFFAIRS

Notification

New Delhi, 29^th March 2016

G.S.R 358(E). – In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:

1.  (1) These rules may be called the Companies (Share Capital and Debentures) Second Amendment Rules, 2016.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Share Capital and Debentures) Rules, 2014, in rule 17, after sub-rule (5), the following proviso shall he inserted, namely:-

“Provided that where all members of a company agree, the offer for buy-back may remain open for a period less than fifteen days.”

[F. No. 01/04/2013 CL-V (part-II)]

Amardeep Singh Bhatia, Jt. Secy.

Note:- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 265(E), dated 31^st March, 2014 and subsequently amended vide notifications as detailed below:-