Harish Naidu (Job) (193 Points)
08 November 2011A Pvt Ltd Company has made Offer of Buyback and filed Letter of Offer with ROC for Buyback of Shares. Any of the Share Holders did not give consent to participate in the Buyback and the Company has cancelled the Offer of Buyback.
Please let me know what is the minimum time for the Company to again issue Offer of Buyback.
AMIT MISHRA
(Legal Professional)
(393 Points)
Replied 08 November 2011
Hi Harish,
Refer to the attachment. Feel free to ask in case of any further query in this regard.
Thanks & Regards
Amit Mishra
B Samrish & Co.
New Delhi
Harish Naidu
(Job)
(193 Points)
Replied 08 November 2011
Hi Amit,
thanks for the document, it contains procedure for Buyback. As per the document I understood that if a Company files draft letter of offer with ROC it cant withdraw the offer. My question is:
1. If company didnt recieve consent from share holders to participate in the buyback after filing Letter of Offer, what is the process to close the offer.
2. What is minimum time frame to issue a fresh offer for buyback.
Shraddha Shukla
(Corporate law Consultant)
(346 Points)
Replied 08 November 2011
In casae of Buy Back after the letter of offer has been filed with ROC , keep teh offer open for 15 days and not exceeding 30 days from the date of dispatching of offer to the shareholders.
CAclubindia
