Buyback of shares must be effected only under Section 77A of the Companies Act, 1956/Section 68 of the Companies Act, 2013. If a buyback of shares is effected under Section 77A/Section 68, then the distributed income of the company as defined in Section 115QA of the Income Tax Act
Last year, the Board of Directors of Pioneer Distilleries Limited & United Spirits Limited at its meeting, approved a scheme of amalgamation in relation to the proposed merger of the Company with its parent company United Spirits Limited under Sections 230 - 232 and other applicable provisions of the Companies Act, 2013 and the rules thereof.