COMPANIES ACT - 1963 (ACT 179)

    Section - 62 - Limit on Number of Shares Acquired

    No transaction shall be entered into by or on behalf of a company whereby the total number of its shares, or of its shares of any one class, held by persons other than the company or its nominees becomes less than eighty-five per centum of the total number of shares, or of shares of that class, which have been issued:

    Provided that,

    (a) redeemable preference shares shall be disregarded for the purposes of this section;

    (b) where, after shares of any class have been issued, the number thereof has been reduced, this section shall apply as if the number originally issued, including shares of that class cancelled before the reduction took effect, had been the number as so reduced.