Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Rules, 1999
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.