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10. Extinguishment of Certificate.- (1) The company shall extinguish and physically destroy the share certificates so bought back in the presence of the Company Secretary in whole-time practice within 7 days from the date of acceptance of the shares.

(2) The company shall furnish a certificate to the Registrar of companies duly verified by

(a) two whole-time directors including the Managing Director, and

(b) Company Secretary in whole-time practice, certifying compliance of these rules including those specified in sub-rule (1) above within 7 days of the extinguishment and destruction of the certificates.

(3) The company shall maintain a record of share certificates which have been cancelled and destroyed within 7 days of buy-back of shares.





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