Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Rules, 1999
6. Offer procedure
(1) The letter of offer shall be dispatched immediately after filing with Registrar of Companies but not later than 21 days from its filing with Registrar of Companies.
(2) The offer for buy-back shall remain open to the members for a period not less than 15 days and not exceeding 30 days from the date of dispatch of letter of offer.
(3) In case the number of shares offered by the shareholders is more than the total number of shares to be bought back by the company, the acceptance per shareholder shall be on proportionate basis.
(4) The company shall complete the verifications of the offers received within 15 days from the date of closure of the offer and the shares lodged shall be deemed to be accepted unless a communication of rejection is made within 21 days from the closure of the offer.