The buy-back of equity shares in any financial year shall not exceed what percentage of total paid-up equity capital in that year?

1. Step 1: Sec 68(2) caps the buy-back at 25% of total paid-up equity capital in any financial year. 2. Step 2: This is the "Share Outstanding Test". 3. Step 3: Hence (C). _Source: ICAI BoS CA Inter Paper 1, Ch 12 "Buy-Back of Securities"_