REGISTERED NO. DL-33004/2001
The Gazette of India
EXTRAORDINARY
PART II-Section 1
PUBLISHED BY AUTHORITY
No. 68] NEW DELHI, MONDAY, DECEMBER 24,2001/ PAUSA 3,1923
Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS
(Legislative Department)
New Delhi, the 24th December, 2001/Pausa 3, 1923 (Saka)
The following Act of Parliament received the assent of the President on the
22nd December, 2001, and is hereby published for general information:—
THE COMPANIES (AMENDMENT) ACT, 2001
No. 57 OF 2001
[22nd December, 2001.]
An Act further to amend the Companies Act, 1956,
BE it enacted by Parliament in the Fifty-second Year of the Republic of India as
follows:—
1.(1) This Act may be called the Companies (Amendment) Act, 2001.
Short title and
commencement
(2) It shall be deemed to have come into force on the 23rd day of October, 2001.
1 of 1956. 2. In section 77A of the Companies Act, 1956 (hereinafter referred to as the principal
Amendment of
section 77A.
Act),—
(a) in sub-section (2), in clause (b), the following shall be inserted, namely:—
'Provided that nothing contained in mis clause shall apply in any case
2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC, 1](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.~~FoT 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 (fr) 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 sub-section" shall be inserted;
(d) in sub-section (S), for the words "within a period of twenty-four months", the words "within a period of six months" shall be substituted.
3. In section 292 of the principal Act, in sub-section (1), after clause (a), the following Amendment of section 292. 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;".
Ord. 7 of 2001.
Repeal ai]d
4. (/) The Companies (Amendment) Ordinance, 2001 is hereby repealed.
saving.
(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.
SUBHASH C. JAIN, Secy, to the Govt, of India.