With reference to SEBI regulations, is it permissible for a company to buy-back of its equity shares in the below situations. It had defaulted in repayment of its term loan four years ago, but the default was remedied tw

Regulation 4(x)(c) of the SEBI (Buy-Back of Securities) Regulations, 2018 stipulates that the Company shall not directly or indirectly purchase its own shares or other specified securities 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 buyback is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist. In the given case, only two years have elapsed since the default has been remedied, the company cannot buy-back its equity shares.