Section 136, The Companies Act, 2009

Notwithstanding any provision in the articles, a companyshall not purchase any of its own shares except on compliance with the following conditions:– (a) shares shall only be purchased out of profits of the company which would otherwise be available for dividend or the proceeds of a fresh issue of shares made for the purpose of the purchase; (b) redeemable shares shall not be purchased at a price greater than the lowest price at which they are redeemable or shall be redeemable at the next date thereafter at which they are due or liable to be redeemed; (c) no purchase shall be made in breach of