Buy back of shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2012 Sir
A Pvt Ltd company bought its shares five years back and did not inform the same to ROC and in its Annual Return it has been mentioning the capital by reduced amount.
Whether company has made any default?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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20 July 2012 After completion of buy back, company must file Return of Buyback with ROC in Form No. 4C, within 30 days of its completion. (Section 77A (10))

If a company makes default in complying with the provisions of section 77A or rules made there under, or any regulation made under clause (f) of Sec.77A(2), the company and any officer, who is default, shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to Rs.50,000 /- or with both.