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Securities in lock-in period
In the case of a listed company, securities issued to the promoters, to a group, or to employees, subject to lock-in period as per SEBI (Disclosure and Investor Protection) Guidelines, 2000 are not available for buy-back until the lock-in period expires. [Regulation 19(5)].
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Non-transferable securities
Securities which are under lien or are pledged or restricted by any court for transfer or which otherwise statutorily cannot be transferred are not available for buy-back until such securities again become freely transferable. [Regulation 19(5)].
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Disputed securities kept in abeyance
Securities which are under dispute and have been kept in abeyance under Section 206A, or in respect of which transfer or transmission has not been effected, are not available for buy-back.
Before undertaking any buy-back, the company should ensure that no transfer deed is pending for registration.
