In a buy-back, what is the maximum buy-back in any FY in terms of paid-up equity capital number-of-shares-wise?

1. Step 1: Share-outstanding test under Sec 68(2)(d): buy-back in any FY must not exceed 25% of total paid-up equity capital in that FY. 2. Step 2: This is independent of the resource test. 3. Step 3: Hence (B). _Source: ICAI BoS CA Inter Paper 1, Ch 12 "Buy-Back of Securities"_