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Sec 68(2)(d): No buy-back of any kind of shares unless:
AOnly special resolution needed
BOnly Articles authorisation needed
CAuthorised by Articles + special resolution + buy-back ≤25% of total paid-up capital and free reserves
DNo authorisation needed
Answer & Solution
Correct answer: C. Authorised by Articles + special resolution + buy-back ≤25% of total paid-up capital and free reserves
1. Step 1: Sec 68(2) requires Articles authorisation + special resolution + cap of 25% paid-up + free reserves.
2. Step 2: All three conditions must be met (unless buy-back ≤10% — board resolution suffices).
3. Step 3: Hence (A).
_Source: ICAI BoS CA Inter Paper 1, Ch 12 "Buy-Back of Securities"_