According to Section 68(1) of the Companies Act, 2013, a company whether public or private, may purchase its own shares or other specified securities. Explain the following under the provisions of Rule 17 of the Companie

(i) Filing Declaration of Solvency with SEBI/ROC (Rule 17(3) of the Companies (Share Capital and Debentures) Rules, 2014) When a company proposes to buy-back its own shares or other specified securities under this section in pursuance of a special resolution or board resolution as the case may be, it shall, before making such buy- back, file with the Registrar along with the letter of offer and the Securities and Exchange Board (in case of listed companies), a declaration of solvency in Form No. SH-9 signed by at least two directors of the company, one of whom shall be the managing director, if any, in such form as may be prescribed and verified by an affidavit as specified in said form.