The regulatory ambiguity surrounding buy-back transactions by FOCCs exposes significant gaps in India’s capital market governance.

The tribunal’s stance to reject Philips’ application for capital reduction reflects a restrictive and flawed interpretation of the law.

Per the author, when entities in good faith want to expedite the buyback process, there should be some space for companies to do the same.

[Apurva Lahoti is pursuing the Master of Laws (LLM) programme from WBNUJS Kolkata.] The expression ‘buyback of shares’ simply refers to...