Bare Act Search Results

Companies Act, 1956 Section 77B

Title: Prohibition for Buy-back in Certain Circumstances

State: Central

Year: 1956

1[77B. Prohibition for buy-back in certain circumstances (1) No company shall directly or indirectly purchase its own shares or other specified securities - (a) through any subsidiary company including its own subsidiary companies; or (b) through any investment company or group of investment companies; or (c) if a default, by the company, in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayment of any term loan or interest payable thereon to any financial institution or bank, is subsisting. (2) No company shall directly or indirectly purchase its own shares or oilier specified securities in case such company has not complied with the provisions of sections 159, 207 and 211.] _____________________ 1. Inserted by Act 21 of 1999, Section 4 (w.r.e.f. 31-10-1998).

Companies Act, 2013, Section 70

Title: Prohibition for Buy

State: Central

Year: 2013

(1) No company shall directly or indirectly purchase its own shares or other specified securities-- (a) through any subsidiary company including its own subsidiary companies; (b) through any investment company or group of investment companies; or (c) if a default, is made by the company, in the repayment of deposits accepted either before or after the commencement of this Act, interest payment thereon, redemption of debentures or preference shares or payment of dividend to any shareholder, or repayment of any term loan or interest payable thereon to any financial institution or banking company: Provided that the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist. (2) No company shall, directly or indirectly, purchase its own shares or other specified securities in case such company has not complied with the provisions of sections 92, 123, 127 and section 129.

Companies Act, 1956 Part 3

Title: Prospectus and Allotment, and Other Matters Relating to Issue of Shares or Debentures

State: Central

Year: 1956

.....1934), repayment of such deposit shall be made in full on or before the 1st day of April, 1975, and such repayment shall be without prejudice to any action that may be taken under the Reserve Bank of India Act, 1934 for the acceptance of such deposit in contravention of such direction. 6[(3A) Every deposit accepted by a company after the commencement of the Companies (Amendment) Act, 1998, shall, unless renewed in accordance with the rules made under sub-section (1), be repaid in accordance with the terms and conditions of such deposit.] (4) Where any deposit is accepted by a company after the commencement of the Companies (Amendment) Act, 1974, in contravention of the rules made under sub­section (1), repayment of such deposit shall be made by the company within thirty days from the date of acceptance of such deposit or within such further time, not exceeding thirty days, as the Central Government may, on sufficient cause being shown by the company, allow. (5) Where a company omits or fails to make repayment of a deposit in accordance with the provisions of clause (c) of sub-section (3), or in the case of a deposit referred to in sub-section (4), within the time.....

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2 of the Securities Contracts (Regulation) Act, 1956) (42 of 1956);] (13) "director" includes any person occupying the position of director, by whatever name called; (14) "District Court" means the principal Civil Court of original jurisdiction in a district, but does not include a High Court in the exercise of its ordinary original civil jurisdiction ; [(14A) "dividend" includes any interim dividend;] (15) "document" includes summons, notice, requisition, order, other legal process, and registers, whether issued, sent or kept in pursuance of this or any other Act or otherwise ; [(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price;] (16) "existing company" means an existing company as defined in (section 3); (17) "financial year" means, in relation to any body corporate, the period in respect of which.....

Companies Act, 1956 Section 77A

Title: Power of Company to Purchase Its Own Securities

State: Central

Year: 1956

.....resolution is proposed to be passed shall be accompanied by an explanatory statement stating - (a) a full and complete disclosure of all material facts; (b) the necessity for the buy-back; (c) the class of security intended to be purchased under the buy-back; (d) the amount to be invested under the buy-back; and (e) the time limit for completion of buy-back. (4) Every buy-back shall be completed within twelve months from the date of passing the3[special resolution or a resolution passed by the Board] under clause (b) of sub-section (2). (5) The buy-back under sub-section (1) may be - (a) from the existing security holders on a proportionate basis; or (b) from the open market; or (c) from odd lots, that is to say, where the lot of securities of a public company, whose shares are listed on a recognised stock exchange, is smaller than such marketable lot, as may be specified by the stock exchange; or (d) by purchasing the securities issued to employees of the company pursuant to a scheme of stock option or sweat equity. (6) Where a company has passed a special resolution under clause (b) of sub­section (2)2[or the Board has passed a resolution under the.....

Companies Act, 2013, Section 68

Title: Power of Company to Purchase Its Own Securities

State: Central

Year: 2013

.....under clause (b) of sub-section (2) shall be accompanied by an explanatory statement stating-- (a) a full and complete disclosure of all material facts; (b) the necessity for the buy-back; (c) the class of shares or securities intended to be purchased under the buy-back; (d) the amount to be invested under the buy-back; and (e) the time-limit for completion of buy-back. (4) Every buy-back shall be completed within a period of one year from the date of passing of the special resolution, or as the case may be, the resolution passed by the Board under clause (b) of sub-section (2). (5) The buy-back under sub-section (1) may be-- (a) from the existing shareholders or security holders on a proportionate basis; (b) from the open market; (c) by purchasing the securities issued to employees of the company pursuant to a scheme of stock option or sweat equity. (6) Where a company proposes to buy-back its own shares or other specified securities under this section in pursuance of a special resolution under clause (b) of sub-section (2) or a resolution under item (ii) of the proviso thereto, it shall, before making such buy-back, file with the Registrar and the.....

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Companies Act, 1956 Amending Act 2

Title: Companies (Amendment) Act, 2001

State: Central

Year: 1956

.....of sub-section (2)", the words, brackets and letter "or the Board has passed a resolution under the first proviso to clause (b) of that subsection" shall be inserted; (d) In Sub-section (8), for the words "within a period of twenty-four months", the words "within a period of six months" shall be substituted. 3. Amendment of Section 292 - In section 292 of the principal Act, in sub-section (/), after clause (a), the following clause shall be inserted, namely:-- "(aa) the power to authorise the buy-back referred to in the first proviso to clause (b) of sub-section (2) of section 77A;". 4. Repeal and Saving - (1) The Companies (Amendment) Ordinance, 2001 (Ord. 7 of 2001) is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the principal Act. as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the principal Act, as amended by this Act.

Companies (Amendment) Act, 2001 Section 2

Title: Amendment of Section 77a

State: Central

Year: 2001

In section 77A of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as the principal Act), (a) In Sub-section (2), in clause (b), the following shall be inserted, namely:-- 'Provided that nothing contained in this clause shall apply in any case where-- (A) The buy-back is or less than ten per cent, of the total paid-up equity capital and free reserves of the company; and (B) Such buy-back has been authorised by the Board by means of a resolution passed at its meeting: Provided further that no offer of buy-back shall be made within a period of three hundred and sixty-five days reckoned from the date of the preceding offer of buy-back, if any. Explanation. --For the purposes of this clause, the expression "offer of buy-back" means the offer of such buy-back made in pursuance of the resolution of the Board referred to in the first proviso;'; (b) In sub-section (4), for the words "special resolution", the words "special resolution or a resolution passed by the Board" shall be substituted; (c) In sub-section (6), after the words, brackets, letter and figure "special resolution under clause (b) of sub-section (2)", the words, brackets and letter "or the.....

Income Tax Act, 1961 Chapter X

Title: Special Provisions Relating to Avoidance of Tax

State: Central

Year: 1961

.....mean of such prices: Provided further that if the variation between the arms length price so determined and price at which the international transaction has actually been undertaken does not exceed five per cent. of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arms length price.] (3) Where during the course of any proceeding for the assessment of income, the Assessing Officer is, on the basis of material or information or document in his possession, of the opinion that (a) the price charged or paid in an international transaction has not been determined in accordance with sub-sections (1) and (2) ; or (b) any information and document relating to an international transac­tion have not been kept and maintained by the assessee in accordance with the provisions contained in sub-section (1) of section 92D and the rules made in this behalf ; or (c) the information or data used in computation of the arms length price is not reliable or correct ; or (d) the assessee has failed to furnish, within the specified time, any information or document which he was required to furnish by a notice issued under.....