law: Companies Act, 2013 
  70.
  
    Prohibition
  
  for buy-back in certain circumstances.
  1.      No company shall
  
  directly or indirectly purchase its own shares or other specified securities—
  a.     
  
    through
  
  any subsidiary company including its own subsidiary companies;
  b.    
  
    through
  
  any investment company or group of investment companies; or
  c.     
  
    if
  
  a default, is made by the company, in the repayment of deposits
  
  accepted either before or after the commencement of this Act, interest payment
  
  thereon, redemption of debentures or preference shares or payment of dividend
  
  to any shareholder, or repayment of any term loan or interest payable thereon
  
  to any financial institution or banking company:
  Provided
  
  that the buy-back is not prohibited, if the default is remedied and a period of
  
  three years has lapsed after such default ceased to subsist.
  2.      No company shall,
  
  directly or indirectly, purchase its own shares or other specified securities
  
  in case such company has not complied with the provisions of sections 92,