MCA UPDATE

The Companies (Share Capital and Debentures) Second Amendment Rules, 2016

In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Ministry of Corporate Affairs vide Notification No. G.S.R. 358(E) dated 29.03.2016 has amended the Companies (Share Capital and Debentures) Rules, 2014 whereby the following proviso has been inserted  in rule 17, after sub-rule (5).

"Provided that where all members of a company agree, the offer for buy-back may remain open for a period less than fifteen days"

These rules may be called the Companies (Share Capital and Debentures) Second Amendment Rules, 2016.

They shall come into force on the date of their publication in the Official Gazette