London Limited, at a general meeting of members of the company, passed an ordinary resolution to buy back 30 percent of its equity share capital. The articles of the company empower the company to buy back shares. Explaining the provisions of the Companies Act, 2013, examine:
(A) Whether company’s proposal is in order?
(B) Would your answer be still the same in case the company instead of 30 percent, decides to buy back only 20 percent of its equity share capital?