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Are partly-paid shares eligible for buy-back per Sec 68?
AYes
BOnly equity shares need to be fully paid
COnly if 50% paid
DNo — all shares for buy-back must be fully paid-up
Answer & Solution
Correct answer: D. No — all shares for buy-back must be fully paid-up
1. Step 1: Sec 68(2)(f) requires all shares or other specified securities for buy-back to be fully paid-up.
2. Step 2: Partly-paid shares are not eligible.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 12 "Buy-Back of Securities"_