Write short notes on the following: (c) Prohibition of buy-back

Regulation 4(x) of the SEBI (Buy-Back of Securities) Regulation, 2018 stipulates that, the Company shall not directly or indirectly purchase its own shares or other specified securities: a) through any subsidiary company including its own subsidiary companies; b) through any investment company or group of investment companies; or c) if a default is made by the company in the repayment of deposits accepted either before or after the commencement of the Companies Act, interest payment thereon, redemption of debentures or preference shares or payment of dividend to any shareholder, or repayment of any term loan or interest payable thereon to any financial institution or banking company. However, the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist.