(i) The company shall within five working days of the public announcement file the following with the Board:
a) a draft letter of offer, along with a soft copy, containing disclosures as specified in Schedule III through a merchant banker who is not associated with the company.
b) a declaration of solvency in specified form and in a manner provided in sub-section (6) of section 68 of the Companies Act.
Page 11 of 39 c) fees specified in Schedule V.
(ii) The Board may provide its comments on the draft letter of offer not later than seven working days of the receipt of the draft letter of offer:
Provided that in the event the Board has sought clarifications or additional information from the merchant banker to the buy-back offer, the period of issuance of comments shall be extended to the seventh working day from the date of receipt of satisfactory reply to the clarification or additional information sought:
Provided further that in the event the Board specifies any changes, the merchant banker to the buy-back offer and the company shall carryout such changes in the letter of offer before it is dispatched to the shareholders.
Offer procedure