Buy-Back of Securities - Shares Under Companies Act, 2013

2/26/2015
BuyBackofSecurities/SharesunderCompaniesAct,2013
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PostedInCompanyLaw|Articles|8Comments
BuyBack of Securities (Unlisted Public Co. and
PrivateCo.)asperCompaniesAct,2013
Buy Back of Securities is a very important tool for
CompanieswhowantstoreducetheirShareCapital.First
ofall,herearefewpreliminary notesofBuyBack:
GoverningSectionsofCompaniesAct:
68
69
70
Specified Security: includes ESOP or other security as
notifiedbyCentralGovernment.
Free Reserves: Reserves which, as per latest audited
balance sheet of the company are free for distribution as
dividendandshallincludebalancetothecreditofSecurity
PremiumA/cbutshallnotincludeShareApplicationMoney.
http://taxguru.in/companylaw/buybacksecuritiessharescompaniesact2013.html
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2/26/2015
AdvantagesofBuyBack:
1. Itisanalternativemodeofreductionincapitalwithoutrequiringapprovalofthe
Court/CLB(NCLT),
2. toimprovetheearningspershare
3. toimprovereturnoncapital,returnonnetworthandtoenhancethelongtermshareholders
value
4. toprovideanadditionalexitroutetoshareholderswhensharesareundervaluedorthinly
traded
5. toenhanceconsolidationofstakeinthecompany
6. topreventunwelcometakeoverbids
7. toreturnsurpluscashtoshareholders
8. toachieveoptimumcapitalstructure
9. tosupportsharepriceduringperiodsofsluggishmarketcondition
10. toservetheequitymoreefficiently.
EPSgetsimprovedascanbebeenwiththebelowmentionedeg.
Particulars
Profit
NumberofShares
EPS
PreBuyBack
100
10
10
PostBuyBack
100
5
20
PROVISIONSOFBUYBACKSIMPLIFIED:
RelevantSections(modifiedaccordingtorules):
68.(1)Purchasecanbemadeoutof:
a)itsfreereserves
b)thesecuritiespremiumaccountor
c)theproceedsoftheissueofanysharesorotherspecifiedsecurities:
No buyback of any kind of shares or other specified securities shall be made out of the proceeds of an
earlierissueofthesamekindofsharesorsamekindofotherspecifiedsecurities.
68.(2)PreliminaryConditions:
a)mustbeauthorizedbyitsarticles
b)aspecialresolutionhasbeenpassedatageneralmeetingofthecompanyauthorizingthebuyback,
butthesameisnotrequiredwhen:
i. the buyback is 10% or less of the total paidup equity capital and free reserves of the
companyand
ii. such buyback has been authorized by the Board by means of a resolution passed at its
meeting
c)thebuybackistwentyfivepercentorlessoftheaggregateofpaidupcapitalandfreereservesof
thecompany.ButincaseofEquityShares,thesameshallbetakenas25%ofpaidupequitycapitalonly.
d)Debtequityratioshouldbe2:1
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Where:Debtisaggregateofsecuredandunsecureddebtsowedbytheafterbuyback
Equity:isaggregateofthepaidupcapitalanditsfreereserves:
e)allthesharesorotherspecifiedsecuritiesforbuybackarefullypaidup
f)Ifsharesorsecuritiesarelisted,buybackwillbeinaccordancewiththeregulationsmadebythe
SecuritiesandExchangeBoardinthisbehalfand
g)thebuybackinrespectofunlistedsharesorotherspecifiedsecuritiesisinaccordanceShareCapital
andDebenturesRules,2014.
h) No offer of buyback shall be made within a period of one year from the date of the closure of the
precedingofferofbuyback,ifany.
68.(3)ExplanatoryStatement:
Thenoticeofthemeetingatwhichthespecialresolutionisproposedtobepassedshallbeaccompaniedbyan
explanatorystatementstating
a)afullandcompletedisclosureofallmaterialfacts
b)thenecessityforthebuyback
c)theclassofsharesorsecuritiesintendedtobepurchasedunderthebuyback
d)theamounttobeinvestedunderthebuybackand
e)thetimelimitforcompletionofbuyback.
Aspertherules,followingmoredetails istobeincludedintheExplanatoryStatement:
f) the date of the board meeting at which the proposal for buyback was approved by the board of
directorsofthecompany
g)thenumberofsecuritiesthatthecompanyproposestobuyback
h)themethodtobeadoptedforthebuyback
i)thepriceatwhichthebuybackofsharesorothersecuritiesshallbemade
j)thebasisofarrivingatthebuybackprice
k)themaximumamounttobepaidforthebuybackandthesourcesoffundsfromwhichthebuyback
wouldbefinanced
l)Shareholding:
i. the aggregate shareholding of the promoters and of the directors of the promoter, where the
promoterisacompanyandofthedirectorsandkeymanagerialpersonnelasonthedateofthenotice
conveningthegeneralmeeting
ii.theaggregatenumberofequitysharespurchasedorsoldbypersonsmentionedinsubclause(i)
duringaperiodoftwelvemonthsprecedingthedateoftheboardmeetingatwhichthebuybackwas
approvedandfromthatdatetillthedateofnoticeconveningthegeneralmeeting
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iii.themaximumandminimumpriceatwhichpurchasesandsalesreferredtoinsubclause(ii)were
madealongwiththerelevantdate
m)ifthepersonsmentionedinl(i)intendtotendertheirsharesforbuyback
i.thequantumofsharesproposedtobetendered
ii. thedetails oftheirtransactionsandtheirholdingsforthelasttwelvemonthspriortothedateofthe
board meeting at which the buyback was approved including information of number of shares
acquired,thepriceandthedateofacquisition
n) a confirmation that there are no defaults subsisting in repayment of deposits, interest payment
thereon, redemption of debentures or payment of interest thereon or redemption of preference shares or
paymentofdividendduetoanyshareholder,orrepaymentofanytermloansorinterestpayablethereonto
anyfinancialinstitutionorbankingcompany
o)aconfirmation:
i.thattheBoardofdirectorshavemadeafullenquiryintotheaffairsandprospectsofthecompany
and that they have formed the opinion general meeting is convened there shall be no grounds on
whichthecompanycouldbefoundunabletopayitsdebts
ii.asregardsitsprospectsfortheyearimmediatelyfollowingthatdate,that,havingregardtotheir
intentions with respect to the management of the companys business during that year and to the
amountandcharacterofthefinancialresourceswhichwillintheirviewbeavailabletothecompany
duringthatyear,thecompanyshallbeabletomeetitsliabilitiesasandwhentheyfalldueandshall
notberenderedinsolventwithinaperiodof1yearfromthatdateand
iii. the directors have taken into account the liabilities(including prospective and contingent
liabilities),asifthecompanywerebeingwoundupundertheprovisionsoftheCompaniesAct,2013
p)areportaddressedtotheBoardofdirectorsbythecompanysauditorsstatingthat
i.theyhaveinquiredintothecompanysstateofaffairs
ii.theamountofthepermissiblecapitalpaymentforthesecuritiesinquestionisintheirviewproperly
determined
iii.thattheauditedaccountsonthebasisofwhich calculationwithreferencetobuybackisdoneisnot
morethansixmonthsoldfromthedateofofferdocumentand
iv.theBoardofdirectorshaveformedtheopinionasspecifiedinpointoonreasonablegroundsand
thatthecompany,havingregardtoitsstateofaffairs,shallnotberenderedinsolventwithinaperiod
ofoneyearfromthatdate.
68.(4)TimeLimit:
Every buyback shall be completed within a period of one year from the date of passing of the special
resolution,orasthecasemaybe,theresolutionpassedbytheBoard.
68.(5)OptionsforBuyback:
Thebuybackcanbefrom:
a)fromtheexistingshareholdersorsecurityholdersonaproportionatebasis
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b)fromtheopenmarket
c) by purchasing the securities issued to employees of the company pursuant to a scheme of stock
optionorsweatequity.
68.(6)SolvencyDeclaration:
Before making such buyback, file with the Registrar, a declaration of solvency signed by at least two
directors of the company, one of whom shall be the managing director, if any, Form No. SH.9 may be
prescribedandverifiedbyanaffidavittotheeffectthattheBoardofDirectorsofthecompanyhasmadea
full inquiry into the affairs of the company as a result of which they have formed an opinion that it is
capableofmeetingitsliabilitiesandwillnotberenderedinsolventwithinaperiodofoneyearfromthe
dateofdeclarationadoptedbytheBoard.
68.(7)ExtinguishmentofCertificate:
Companyshallextinguishandphysicallydestroythesharesorsecuritiessoboughtbackwithinsevendays
ofthelastdateofcompletionofbuyback.
68.(8)Nofurtherissuetill6months:
Where a company completes a buyback of its shares or other specified securities, it shall not make a
further issue of the same kind of shares or other securities including allotment of new shares or other
specifiedsecuritieswithinaperiodofsixmonthsexceptbywayof:
a)abonusissueor
b)inthedischargeofsubsistingobligationssuchasconversionofwarrants,stockoptionschemes,sweat
equityorconversionofpreferencesharesordebenturesintoequityshares.
68.(9)Registertobemaintained:
Company shall maintain a register in Form No. SH.10 of the shares or securities so bought, the
considerationpaidforthesharesorsecuritiesboughtback,thedateofcancellationofsharesorsecurities,
the date of extinguishing and physically destroying the shares or securities. The register of shares or
securitiesboughtbackshallbemaintainedattheregisteredofficeofthecompanyandshallbekeptinthe
custody of the secretary of the company or any other person authorized by the board in this behalf. The
entries in the register shall be authenticated by the secretary of the company or by any other person
authorizedbytheBoardforthepurpose.
68.(10)ReturnofBuyBack&aDeclaration:
Acompanyshall,afterthecompletionofthebuybackunderthissection,filewiththeRegistrarareturnin
FormNo.SH.11containingsuchparticularsrelatingtothebuybackwithinthirtydaysofsuchcompletion.
There shall be annexed to the return, a certificate in Form No. SH.15 signed by two directors of the
companyincludingthemanagingdirector,ifany,certifyingthatthebuybackofsecuritieshasbeenmade
incompliancewiththeprovisionsoftheActandtherulesmadethereunder.
68.(11)PunishmentforanyDefault:
If a company makes any default in complying with the provisions of this section, the company shall be
punishable with fine which shall not be less than one lakh rupees but which may extend to three lakh
rupeesandeveryofficerofthecompanywhoisindefaultshallbepunishablewithimprisonmentforaterm
whichmayextendtothreeyearsorwithfinewhichshallnotbelessthanonelakhrupeesbutwhichmay
extendtothreelakhrupees,orwithboth.
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69.(1)CapitalRedemptionReserves:
Whereacompanypurchasesitsownsharesoutoffreereservesorsecuritiespremiumaccount,asumequal
to the nominal value of the shares so purchased shall be transferred to the capital redemption reserve
accountanddetailsofsuchtransfershallbedisclosedinthebalancesheet.
69.(2)UtilizationofCapitalRedemptionReserves:
Thecapitalredemptionreserveaccountmaybeappliedbythecompany,inpayingupunissuedsharesof
thecompanytobeissuedtomembersofthecompanyasfullypaidbonusshares.
70.(1)RestrictiononBuyBack:
Nocompanyshalldirectlyorindirectlypurchaseitsownsharesorotherspecifiedsecurities
a)throughanysubsidiarycompanyincludingitsownsubsidiarycompanies
b)throughanyinvestmentcompanyorgroupofinvestmentcompaniesor
c)ifadefault,ismadebythecompany,intherepaymentofdepositsacceptedeitherbeforeorafterthe
commencement of this Act, interest payment thereon, redemption of debentures or preference shares or
paymentofdividendtoanyshareholder,orrepaymentofanytermloanorinterestpayablethereontoany
financial institution or banking company. Provided that the buyback is not prohibited, if the default is
remediedandaperiodofthreeyearshaslapsedaftersuchdefaultceasedtosubsist.
70.(2)NoBuyBackif:
Nocompanyshall,directlyorindirectly,purchaseitsownsharesorotherspecifiedsecuritiesincasesuch
companyhasnotcompliedwiththeprovisionsof:
a)Sections92:AnnualReturn
b)Section123:DeclarationandPaymentofDividend
c)Section127:FailuretopayDividend
d)Section129:FailuretogiveTrueandFairStatement
OtherConditions:
a) The company which has been authorized by a special resolution shall, before the buyback of
shares,filewiththeRegistrarofCompaniesaletterofofferinFormNo.SH.8,alongwiththefee.
b)ProvidedthatsuchletterofoffershallbedatedandsignedonbehalfoftheBoardofdirectorsofthe
company by not less than two directors of the company, one of whom shall be the managing director,
wherethereisone.
c)Theletterofoffershallbedispatchedtotheshareholdersorsecurityholdersimmediatelyafter
filing the same with the Registrar of Companies but not later than twenty days from its filing with the
RegistrarofCompanies.
d) The offer for buyback shall remain open for a period of not less than fifteen days and not
exceedingthirtydaysfromthedateofdispatchoftheletterofoffer.
e)Incasethenumberofsharesorotherspecifiedsecuritiesofferedbytheshareholdersorsecurity
holders is more than the total number of shares or securities to be bought back by the company, the
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acceptancepershareholdershallbeonproportionatebasisoutofthetotalsharesofferedforbeingbought
back.
f)Thecompanyshallcompletetheverificationsoftheoffersreceivedwithinfifteendaysfromthe
dateofclosureoftheofferandthesharesorothersecuritieslodgedshallbedeemedtobeacceptedunlessa
communicationofrejectionismadewithintwentyonedaysfromthedateofclosureoftheoffer.
g)Thecompanyshallimmediatelyafterthedateofclosureoftheoffer,openaseparatebankaccount
anddeposittherein,suchsum,aswouldmakeuptheentiresumdueandpayableasconsiderationforthe
sharestenderedforbuybackintermsoftheserules.
h)Thecompanyshallwithinsevendaysofthetimespecifiedinsubrule(7)
i.makepaymentofconsiderationincashtothoseshareholdersorsecurityholderswhosesecurities
havebeenacceptedor
ii.returnthesharecertificatestotheshareholdersorsecurityholderswhosesecuritieshavenot
beenacceptedatallorthebalanceofsecuritiesincaseofpartacceptance.
i)Thecompanyshallensurethat
i.theletterofoffershallcontaintrue,factualandmaterialinformationandshallnotcontainany
misleadinginformationandmuststatethatthedirectorsofthecompanyaccepttheresponsibilityfor
theinformationcontainedinsuchdocument
ii.thecompanyshallnotissueanynewsharesincludingbywayofbonussharesfromthedateof
passing of special resolution authorizing the buyback till the date of the closure of the offer under
theserules,exceptthosearisingoutofanyoutstandingconvertibleinstruments
iii.thecompanyshallconfirminitsoffertheopeningofaseparatebankaccountadequatelyfunded
forthispurposeandtopaytheconsiderationonlybywayofcash
iv.thecompanyshallnotwithdrawtheofferonceithasannouncedtheoffertotheshareholders
v.thecompanyshallnotutilizeanymoneyborrowedfrombanksorfinancialinstitutionsforthe
purposeofbuyingbackitssharesand
vi.thecompanyshallnotutilizetheproceedsofanearlierissueofthesamekindofsharesorsame
kindofotherspecifiedsecuritiesforthebuyback.
TimeScheduleSummarised:
TimeTaken
Procedure
StartingDaysayA Obtaining:
AuditorsReportstatingmaximumamount
permissibleforbuyback
BoardofDirectorsAffidavitregardingSolvencyof
companyforoneyear.
ThenholdingBoardMeetingforconsidering
proposalofbuyback,gettingresolutionpassedand
determinepriceforsuchbuyback.
A+2
IssueofnoticewithExplanatoryStatement(alongwith
disclosuresmentionedbelow)toallmembers.
7/15
2/26/2015
A+23
A+24
HoldingEGMandpassingspecialresolution,ifrequired.
Obtaining
DeclarationofSolvency(verifiedbyanaffidavitin
eformSH9)
FilingdraftletterofOfferwiththeROCalongwith
declarationofSolvencyandeformSH8
Filingofeformforregistrationofsuchresolution
withMCA21.
A+44
Maximumtimefordispatchofletterofoffertoall
members
Within15daysfrom Verificationofoffertobecompleted.Note:Offerforbuy
theclosureofoffer backshallremainopentothemembersforaperiodnotless
than15daysandnotexceeding30daysfromthedateof
dispatchofletterofoffer.Thesharesorothersecurities
lodgedshallbedeemedtobeacceptedunlessa
communicationofrejectionismadewithintwentyone
daysfromthedateofclosureoftheoffer.
Immediatelyon
Closureofoffer
Within7daysfrom
completionof
Verification
Within7daysfrom
completionof
Acceptance
Aftercompletionof
buyback
OpenaSpecialBankAccountwithScheduleBank.
Makingpaymentincashtothoseshareholderswhoseoffer
hasbeenacceptedorreturnthesharecertificatestothe
shareholdersforthwith.
Extinguishandphysicallydestroythesharecertificatesof
sharesboughtback.
FilerequisitereturnineformSH11withMCA21anda
declarationsignedby2directors,oneofwhomshallbe
ManagingDirector,ifanyineformSH15
TaxSummarized:
Tax
DDT(Section115O)
AdditionalTax(Chapter
XIIDA)(wef01.06.2013)
CapitalGain
StampDuty
Company
Shareholder
NOSinceherepayment
ismadeasperSection
77AofCompaniesAct NA
andnotfrom
accumulatedprofits.
YES20%of
(Considerationreceived
byshareholderamount
NA
receivedbyacompany
forissueofsuch
shares)*
NA
No(wef01.06.2013)
NOSharesarecancelled
bybuybackand
NA
thereforearenot
transferred.
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2/26/2015
* This tax of 20% is increased by 10% surcharge (if applicable) and EC & SHEC which makes it
equivalentto22.66%.Thislevyismandatoryirrespectiveofwhetherthecompanyisliabletotaxornot
onitsincome.ThetaxshallbedepositedwiththeGovernmentwithin14daysfromthedateofpayment
of any consideration to the shareholder. The aforesaid taxes are not creditable by any person under
theprovisionsoftheIndianincometaxlawandincaseoffailuretodeposittaxesontime,theprincipal
officerorthecompany:
Shallbedeemedtobeassesseeindefaultand
Willbesubjecttosimpleinterestattherateof1%ofeverymonthorpartthereof.
AccountingTreatment:
IncaseInvestmentaresoldforBuyBack:
BankDb
ToInvestmentAccount
(ThedifferenceifanywillbecreditedtoProfitonSaleofInvestmentAccountordebitedtoLossonSale
ofInvestmentAccountwhichinturnwillbetransferredtoProfitandLossAccount)
IncaseproceedsofFreshIssueareissuedforBuyBack:
BankAccount.Db
ToDebentures/OtherInvestmentAccount
ToSecurityPremiumAccount(ifany)
ForBuyBackofShares:
EquityShareholdersAccount..Db
ToBankAccount
(Withtheamountpaid)
ForCancellationofSharesBoughtBack:
EquityShareCapitalA/cdb(NominalValue)
FreeReserve/SecurityPremiumA/c..db(Withtheexcessamount)
ToEquityShareholdersA/c(AmountPaid)(AmountPaid)
IfSharesareboughtbackatadiscount:
EquityShareCapitalAccountdb
ToEquityShareholdersA/c
ToCapitalReserveA/c
For transfer of nominal value of shares purchased out of free reserves/Security Premium to Capital
RedemptionAccount:
FreeReserves..db
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2/26/2015
SecurityPremiumA/c.db
ToCapitalRedemptionReserveAccount
ForExpensesincurredinBuyBack:
BuyBackExpensesA/c..db
ToBank
Profit&LossA/c..db
ToBuyBackExpensesA/c
ThiswasabriefsummaryofBuyBack.Foranyquery,pleasemailmeat:
(AuthorSagarGuptaisaninnovativeleaderindeliveringcorporateadvisory&solutionsandcanbereached
atsgr@sgrgupta.com)
ClickhereReadOtherArticlesofSagarGupta
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8ResponsestoBuyBackofSecurities/SharesunderCompaniesAct,2013
1. Anitasays:
01/31/2015at4:55PM
Goodefforts
2. Vinaysays:
12/03/2014at11:14AM
Informativearticle.Goodefforts
3. JayGorsays:
10/09/2014at10:39AM
Thanks
4. JayGorsays:
10/09/2014at10:34AM
Nicewriteup..
5. SagarGuptasays:
04/14/2014at7:21PM
pleasemailyourfullqueryatcasgrgupta@gmail.com
6. maheshmaisuriasays:
04/14/2014at3:34PM
Dearsir,
DuringbuybackschemeofEssarsteelihadnotparted&ihavesharesofthiscompany.Pladviseifican
getdividendorsellitinmarket.
7. maheshmaisuriasays:
04/14/2014at3:32PM
Dearsir,
DuringbuybackschemeofEssarsteelihadnotparted&ihavesharesofthiscompany.Pladviseifican
getdividendorsellitinmarket
8. CAKamalGargsays:
04/14/2014at10:41AM
Nicewriteup
LeaveaReply
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