L&T Wanted to Buy Back Shares but Where Is the Cash?
SEBI has disapproved the share buyback proposal of L&T. I am sure, several investors, especially retail investors, are perplexed. L&T has followed due procedure; taken shareholder approval. So why is the Securities Exchange Board of India (SEBI) not allowing it?
The legalese used by SEBI in its order also does not help. “The buyback offer is not in compliance with Section 68(2)(d) of Companies...
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