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.

(2) It shall be deemed to have come into force on the 23rd day of October, 2001.

Short title and

commencement

1 of 1956.

2. In section 77A of the Companies Act, 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 mis 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

Amendment of

section 77A.

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.

Amendment of

section 292.

3. In section 292 of the principal Act, in sub-section (1), 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;".

Repeal ai]d

saving.

4. (/) The Companies (Amendment) Ordinance, 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.

Ord. 7 of 2001.

SUBHASH C. JAIN,

Secy, to the Govt, of India.

PRINTED BY THE MANAGER, GOVERNMENT OF INDIA PRESS (PLU), MINTO ROAD, NEW DELHI

AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 2 0 0 1 .

MGIP(PLU)MRND—W2BGI—06-01-2002.