Answer the followings with reasons, with reference to SEBI Buyback Regulations, whether these buy-back are as per the provisions of the regulations? The Board of directors has denied the offer of buy-back of shares for 1

As per the conditions and requirements for buyback of shares provided under the SEBI Buyback Regulations, the buyback from open market shall be less than 15 percent of the paid up capital and free reserves of the company, based on both standalone and consolidated financial statements of the company. Since the Board of Directors has denied the offer of buyback of shares for 16 percent of the paid up capital and free reserves to be made from the open market, therefore, this statement is as per the provisions of the SEBI Buyback Regulations.