buy-back of securities _ shares under companies act, 2013

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2/26/2015 BuyBack of Securities / Shares under Companies Act, 2013 http://taxguru.in/companylaw/buybacksecuritiessharescompaniesact2013.html 1/15 Tax Calculator List Of Tax Deductions Tax Filing Forms Income Tax Slabs High Dividend Stocks Income Tax Tables Best Stock Picks Income Tax Forms Best Mutual Funds Home I.Tax BUDGET Submit Articles ITR S. Tax Excise C. Law Judiciary Deductions GST Partnership CA CS CMA Empanelment Downloads Apr 14 2014 BuyBack of Securities / Shares under Companies Act, 2013 Posted In Company Law | Articles | 8 Comments » BuyBack of Securities (Unlisted Public Co. and Private Co.) as per Companies Act , 2013 Buy Back of Securities is a very important tool for Companies who wants to reduce their Share Capital. First of all, here are few preliminary notes of Buy Back: Governing Sections of Companies Act: 68 69 70 Specified Security : includes ESOP or other security as notified by Central Government. Free Reserves : ‘Reserves which, as per latest audited balance sheet of the company are free for distribution as dividend and shall include balance to the credit of Security Premium A/c but shall not include Share Application Money’.

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  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

    http://taxguru.in/companylaw/buybacksecuritiessharescompaniesact2013.html 1/15

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    Apr142014

    BuyBackofSecurities/SharesunderCompaniesAct,2013

    PostedInCompanyLaw|Articles|8Comments

    BuyBack of Securities (Unlisted Public Co. andPrivateCo.)asperCompaniesAct,2013

    Buy Back of Securities is a very important tool forCompanieswhowantstoreducetheirShareCapital.Firstofall,herearefewpreliminarynotesofBuyBack:

    GoverningSectionsofCompaniesAct:686970Specified Security: includes ESOP or other security asnotifiedbyCentralGovernment.Free Reserves: Reserves which, as per latest auditedbalance sheet of the company are free for distribution asdividendandshallincludebalancetothecreditofSecurity

    PremiumA/cbutshallnotincludeShareApplicationMoney.

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  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    AdvantagesofBuyBack:

    1. ItisanalternativemodeofreductionincapitalwithoutrequiringapprovaloftheCourt/CLB(NCLT),

    2. toimprovetheearningspershare3. toimprovereturnoncapital,returnonnetworthandtoenhancethelongtermshareholders

    value4. toprovideanadditionalexitroutetoshareholderswhensharesareundervaluedorthinly

    traded5. toenhanceconsolidationofstakeinthecompany6. topreventunwelcometakeoverbids7. toreturnsurpluscashtoshareholders8. toachieveoptimumcapitalstructure9. tosupportsharepriceduringperiodsofsluggishmarketcondition

    10. toservetheequitymoreefficiently.

    EPSgetsimprovedascanbebeenwiththebelowmentionedeg.

    Particulars PreBuyBack PostBuyBackProfit 100 100NumberofShares 10 5EPS 10 20

    PROVISIONSOFBUYBACKSIMPLIFIED:

    RelevantSections(modifiedaccordingtorules):

    68.(1)Purchasecanbemadeoutof:

    a)itsfreereserves

    b)thesecuritiespremiumaccountor

    c)theproceedsoftheissueofanysharesorotherspecifiedsecurities:

    Nobuybackofanykindof sharesorother specifiedsecurities shallbemadeoutof theproceedsofanearlierissueofthesamekindofsharesorsamekindofotherspecifiedsecurities.

    68.(2)PreliminaryConditions:

    a)mustbeauthorizedbyitsarticles

    b)aspecialresolutionhasbeenpassedatageneralmeetingofthecompanyauthorizingthebuyback,butthesameisnotrequiredwhen:

    i. the buyback is 10% or less of the total paidup equity capital and free reserves of thecompanyand

    ii. such buyback has been authorized by theBoard bymeans of a resolution passed at itsmeeting

    c)thebuybackistwentyfivepercentorlessoftheaggregateofpaidupcapitalandfreereservesofthecompany.ButincaseofEquityShares,thesameshallbetakenas25%ofpaidupequitycapitalonly.

    d)Debtequityratioshouldbe2:1

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    Where:Debtisaggregateofsecuredandunsecureddebtsowedbytheafterbuyback

    Equity:isaggregateofthepaidupcapitalanditsfreereserves:

    e)allthesharesorotherspecifiedsecuritiesforbuybackarefullypaidup

    f) Ifsharesorsecuritiesarelisted,buybackwillbeinaccordancewiththeregulationsmadebytheSecuritiesandExchangeBoardinthisbehalfand

    g)thebuybackinrespectofunlistedsharesorotherspecifiedsecuritiesisinaccordanceShareCapitalandDebenturesRules,2014.

    h) Nooffer of buyback shall bemadewithin aperiodofoneyear from thedateof the closureof theprecedingofferofbuyback,ifany.

    68.(3)ExplanatoryStatement:

    Thenoticeofthemeetingatwhichthespecialresolutionisproposedtobepassedshallbeaccompaniedbyanexplanatorystatementstating

    a)afullandcompletedisclosureofallmaterialfacts

    b)thenecessityforthebuyback

    c)theclassofsharesorsecuritiesintendedtobepurchasedunderthebuyback

    d)theamounttobeinvestedunderthebuybackand

    e)thetimelimitforcompletionofbuyback.

    Aspertherules,followingmoredetailsistobeincludedintheExplanatoryStatement:

    f) the date of the board meeting at which the proposal for buybackwas approved by the board ofdirectorsofthecompany

    g)thenumberofsecuritiesthatthecompanyproposestobuyback

    h)themethodtobeadoptedforthebuyback

    i)thepriceatwhichthebuybackofsharesorothersecuritiesshallbemade

    j)thebasisofarrivingatthebuybackprice

    k)themaximumamounttobepaidforthebuybackandthesourcesoffundsfromwhichthebuybackwouldbefinanced

    l)Shareholding:

    i. the aggregate shareholding of the promoters and of the directors of the promoter, where thepromoterisacompanyandofthedirectorsandkeymanagerialpersonnelasonthedateofthenoticeconveningthegeneralmeeting

    ii. theaggregatenumberofequitysharespurchasedorsoldbypersonsmentionedinsubclause(i)duringaperiodoftwelvemonthsprecedingthedateoftheboardmeetingatwhichthebuybackwasapprovedandfromthatdatetillthedateofnoticeconveningthegeneralmeeting

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    iii.themaximumandminimumpriceatwhichpurchasesandsalesreferredtoinsubclause(ii)weremadealongwiththerelevantdate

    m)ifthepersonsmentionedinl(i)intendtotendertheirsharesforbuyback

    i.thequantumofsharesproposedtobetendered

    ii.thedetailsoftheirtransactionsandtheirholdingsforthelasttwelvemonthspriortothedateoftheboard meeting at which the buyback was approved including information of number of sharesacquired,thepriceandthedateofacquisition

    n) a confirmation that there are no defaults subsisting in repayment of deposits, interest paymentthereon, redemption of debentures or payment of interest thereon or redemption of preference shares orpaymentofdividendduetoanyshareholder,orrepaymentofanytermloansorinterestpayablethereontoanyfinancialinstitutionorbankingcompany

    o)aconfirmation:

    i.thattheBoardofdirectorshavemadeafullenquiryintotheaffairsandprospectsofthecompanyand that they have formed the opinion generalmeeting is convened there shall be no grounds onwhichthecompanycouldbefoundunabletopayitsdebts

    ii. asregards itsprospectsfor theyear immediatelyfollowingthatdate, that,havingregard to theirintentions with respect to the management of the companys business during that year and to theamountandcharacterofthefinancialresourceswhichwillintheirviewbeavailabletothecompanyduringthatyear,thecompanyshallbeabletomeetitsliabilitiesasandwhentheyfalldueandshallnotberenderedinsolventwithinaperiodof1yearfromthatdateand

    iii. the directors have taken into account the liabilities(including prospective and contingentliabilities),asifthecompanywerebeingwoundupundertheprovisionsoftheCompaniesAct,2013

    p)areportaddressedtotheBoardofdirectorsbythecompanysauditorsstatingthat

    i.theyhaveinquiredintothecompanysstateofaffairs

    ii.theamountofthepermissiblecapitalpaymentforthesecuritiesinquestionisintheirviewproperlydetermined

    iii.thattheauditedaccountsonthebasisofwhichcalculationwithreferencetobuybackisdoneisnotmorethansixmonthsoldfromthedateofofferdocumentand

    iv.theBoardofdirectorshaveformedtheopinionasspecifiedinpointoonreasonablegroundsandthatthecompany,havingregardtoitsstateofaffairs,shallnotberenderedinsolventwithinaperiodofoneyearfromthatdate.

    68.(4)TimeLimit:

    Every buyback shall be completedwithin a period of one year from the date of passing of the specialresolution,orasthecasemaybe,theresolutionpassedbytheBoard.

    68.(5)OptionsforBuyback:

    Thebuybackcanbefrom:

    a)fromtheexistingshareholdersorsecurityholdersonaproportionatebasis

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    b)fromtheopenmarket

    c) bypurchasing the securities issued to employeesof thecompanypursuant to a schemeof stockoptionorsweatequity.

    68.(6)SolvencyDeclaration:

    Beforemaking such buyback, file with the Registrar, a declaration of solvency signed by at least twodirectors of the company, one ofwhom shall be themanaging director, if any, FormNo. SH.9may beprescribedandverifiedbyanaffidavittotheeffectthattheBoardofDirectorsofthecompanyhasmadeafull inquiry into the affairs of the company as a result ofwhich they have formed an opinion that it iscapableofmeetingits liabilitiesandwillnotberenderedinsolventwithinaperiodofoneyearfromthedateofdeclarationadoptedbytheBoard.

    68.(7)ExtinguishmentofCertificate:

    Companyshallextinguishandphysicallydestroythesharesorsecuritiessoboughtbackwithinsevendaysofthelastdateofcompletionofbuyback.

    68.(8)Nofurtherissuetill6months:

    Where a company completes a buyback of its shares or other specified securities, it shall notmake afurther issue of the same kind of shares or other securities including allotment of new shares or otherspecifiedsecuritieswithinaperiodofsixmonthsexceptbywayof:

    a)abonusissueor

    b)inthedischargeofsubsistingobligationssuchasconversionofwarrants,stockoptionschemes,sweatequityorconversionofpreferencesharesordebenturesintoequityshares.

    68.(9)Registertobemaintained:

    Company shall maintain a register in Form No. SH.10 of the shares or securities so bought, theconsiderationpaidforthesharesorsecuritiesboughtback,thedateofcancellationofsharesorsecurities,the date of extinguishing and physically destroying the shares or securities. The register of shares orsecuritiesboughtbackshallbemaintainedattheregisteredofficeofthecompanyandshallbekeptinthecustodyof thesecretaryof thecompanyoranyotherpersonauthorizedby theboard in thisbehalf.Theentries in the register shall be authenticated by the secretary of the company or by any other personauthorizedbytheBoardforthepurpose.

    68.(10)ReturnofBuyBack&aDeclaration:

    Acompanyshall,afterthecompletionofthebuybackunderthissection,filewiththeRegistrarareturninFormNo.SH.11containingsuchparticularsrelatingtothebuybackwithinthirtydaysofsuchcompletion.There shall be annexed to the return, a certificate in Form No. SH.15 signed by two directors of thecompanyincludingthemanagingdirector,ifany,certifyingthatthebuybackofsecuritieshasbeenmadeincompliancewiththeprovisionsoftheActandtherulesmadethereunder.

    68.(11)PunishmentforanyDefault:

    If a companymakesanydefault in complyingwith theprovisionsof this section, the company shallbepunishablewith finewhich shall not be less than one lakh rupees butwhichmay extend to three lakhrupeesandeveryofficerofthecompanywhoisindefaultshallbepunishablewithimprisonmentforatermwhichmayextendtothreeyearsorwithfinewhichshallnotbelessthanonelakhrupeesbutwhichmayextendtothreelakhrupees,orwithboth.

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    69.(1)CapitalRedemptionReserves:

    Whereacompanypurchasesitsownsharesoutoffreereservesorsecuritiespremiumaccount,asumequalto the nominal value of the shares so purchased shall be transferred to the capital redemption reserveaccountanddetailsofsuchtransfershallbedisclosedinthebalancesheet.

    69.(2)UtilizationofCapitalRedemptionReserves:

    Thecapitalredemptionreserveaccountmaybeappliedbythecompany,inpayingupunissuedsharesofthecompanytobeissuedtomembersofthecompanyasfullypaidbonusshares.

    70.(1)RestrictiononBuyBack:

    Nocompanyshalldirectlyorindirectlypurchaseitsownsharesorotherspecifiedsecurities

    a)throughanysubsidiarycompanyincludingitsownsubsidiarycompanies

    b)throughanyinvestmentcompanyorgroupofinvestmentcompaniesor

    c)ifadefault,ismadebythecompany,intherepaymentofdepositsacceptedeitherbeforeorafterthecommencement of thisAct, interest payment thereon, redemption of debentures or preference shares orpaymentofdividendtoanyshareholder,orrepaymentofanytermloanorinterestpayablethereontoanyfinancial institution or banking company. Provided that the buyback is not prohibited, if the default isremediedandaperiodofthreeyearshaslapsedaftersuchdefaultceasedtosubsist.

    70.(2)NoBuyBackif:

    Nocompanyshall,directlyorindirectly,purchaseitsownsharesorotherspecifiedsecuritiesincasesuchcompanyhasnotcompliedwiththeprovisionsof:

    a)Sections92:AnnualReturn

    b)Section123:DeclarationandPaymentofDividend

    c)Section127:FailuretopayDividend

    d)Section129:FailuretogiveTrueandFairStatement

    OtherConditions:

    a) The companywhichhasbeenauthorizedbya special resolution shall, before thebuybackofshares,filewiththeRegistrarofCompaniesaletterofofferinFormNo.SH.8,alongwiththefee.

    b)ProvidedthatsuchletterofoffershallbedatedandsignedonbehalfoftheBoardofdirectorsofthecompany by not less than two directors of the company, one ofwhom shall be themanaging director,wherethereisone.

    c) Theletterofoffershallbedispatchedtotheshareholdersorsecurityholdersimmediatelyafterfiling the samewith theRegistrar ofCompanies but not later than twenty days from its filingwith theRegistrarofCompanies.

    d) The offer for buyback shall remain open for a period of not less than fifteen days and notexceedingthirtydaysfromthedateofdispatchoftheletterofoffer.

    e)Incasethenumberofsharesorotherspecifiedsecuritiesofferedbytheshareholdersorsecurityholders is more than the total number of shares or securities to be bought back by the company, the

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    acceptancepershareholdershallbeonproportionatebasisoutofthetotalsharesofferedforbeingboughtback.

    f)Thecompanyshallcompletetheverificationsoftheoffersreceivedwithinfifteendaysfromthedateofclosureoftheofferandthesharesorothersecuritieslodgedshallbedeemedtobeacceptedunlessacommunicationofrejectionismadewithintwentyonedaysfromthedateofclosureoftheoffer.

    g)Thecompanyshallimmediatelyafterthedateofclosureoftheoffer,openaseparatebankaccountanddeposittherein,suchsum,aswouldmakeuptheentiresumdueandpayableasconsiderationforthesharestenderedforbuybackintermsoftheserules.

    h)Thecompanyshallwithinsevendaysofthetimespecifiedinsubrule(7)

    i.makepaymentofconsiderationincashtothoseshareholdersorsecurityholderswhosesecuritieshavebeenacceptedor

    ii. returnthesharecertificates to theshareholdersorsecurityholderswhosesecuritieshavenotbeenacceptedatallorthebalanceofsecuritiesincaseofpartacceptance.

    i)Thecompanyshallensurethat

    i. theletterofoffershallcontaintrue,factualandmaterialinformationandshallnotcontainanymisleadinginformationandmuststatethatthedirectorsofthecompanyaccepttheresponsibilityfortheinformationcontainedinsuchdocument

    ii.thecompanyshallnotissueanynewsharesincludingbywayofbonussharesfromthedateofpassingof special resolutionauthorizing thebuyback till thedateof the closureof theofferundertheserules,exceptthosearisingoutofanyoutstandingconvertibleinstruments

    iii.thecompanyshallconfirminitsoffertheopeningofaseparatebankaccountadequatelyfundedforthispurposeandtopaytheconsiderationonlybywayofcash

    iv.thecompanyshallnotwithdrawtheofferonceithasannouncedtheoffertotheshareholders

    v.thecompanyshallnotutilizeanymoneyborrowedfrombanksorfinancialinstitutionsforthepurposeofbuyingbackitssharesand

    vi.thecompanyshallnotutilizetheproceedsofanearlierissueofthesamekindofsharesorsamekindofotherspecifiedsecuritiesforthebuyback.

    TimeScheduleSummarised:

    TimeTaken ProcedureStartingDaysayA Obtaining:

    AuditorsReportstatingmaximumamountpermissibleforbuybackBoardofDirectorsAffidavitregardingSolvencyofcompanyforoneyear.ThenholdingBoardMeetingforconsideringproposalofbuyback,gettingresolutionpassedanddeterminepriceforsuchbuyback.

    A+2 IssueofnoticewithExplanatoryStatement(alongwithdisclosuresmentionedbelow)toallmembers.

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    A+23 HoldingEGMandpassingspecialresolution,ifrequired.A+24 Obtaining

    DeclarationofSolvency(verifiedbyanaffidavitineformSH9)FilingdraftletterofOfferwiththeROCalongwithdeclarationofSolvencyandeformSH8FilingofeformforregistrationofsuchresolutionwithMCA21.

    A+44 Maximumtimefordispatchofletterofoffertoallmembers

    Within15daysfromtheclosureofoffer

    Verificationofoffertobecompleted.Note:Offerforbuybackshallremainopentothemembersforaperiodnotlessthan15daysandnotexceeding30daysfromthedateofdispatchofletterofoffer.Thesharesorothersecuritieslodgedshallbedeemedtobeacceptedunlessacommunicationofrejectionismadewithintwentyonedaysfromthedateofclosureoftheoffer.

    ImmediatelyonClosureofoffer

    OpenaSpecialBankAccountwithScheduleBank.

    Within7daysfromcompletionofVerification

    Makingpaymentincashtothoseshareholderswhoseofferhasbeenacceptedorreturnthesharecertificatestotheshareholdersforthwith.

    Within7daysfromcompletionofAcceptance

    Extinguishandphysicallydestroythesharecertificatesofsharesboughtback.

    Aftercompletionofbuyback

    FilerequisitereturnineformSH11withMCA21andadeclarationsignedby2directors,oneofwhomshallbeManagingDirector,ifanyineformSH15

    TaxSummarized:

    Tax Company Shareholder

    DDT(Section115O)

    NOSinceherepaymentismadeasperSection77AofCompaniesActandnotfromaccumulatedprofits.

    NA

    AdditionalTax(ChapterXIIDA)(wef01.06.2013)

    YES20%of(Considerationreceivedbyshareholderamountreceivedbyacompanyforissueofsuchshares)*

    NA

    CapitalGain NA No(wef01.06.2013)

    StampDuty

    NOSharesarecancelledbybuybackandthereforearenottransferred.

    NA

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    * This tax of 20% is increased by 10% surcharge (if applicable) and EC & SHEC which makes itequivalentto22.66%.Thislevyismandatoryirrespectiveofwhetherthecompanyisliabletotaxornotonitsincome.ThetaxshallbedepositedwiththeGovernmentwithin14daysfromthedateofpaymentof any consideration to the shareholder. The aforesaid taxes are not creditable by any person undertheprovisionsoftheIndianincometaxlawandincaseoffailuretodeposittaxesontime,theprincipalofficerorthecompany:

    ShallbedeemedtobeassesseeindefaultandWillbesubjecttosimpleinterestattherateof1%ofeverymonthorpartthereof.

    AccountingTreatment:

    IncaseInvestmentaresoldforBuyBack:

    BankDb

    ToInvestmentAccount

    (ThedifferenceifanywillbecreditedtoProfitonSaleofInvestmentAccountordebitedtoLossonSaleofInvestmentAccountwhichinturnwillbetransferredtoProfitandLossAccount)

    IncaseproceedsofFreshIssueareissuedforBuyBack:

    BankAccount.Db

    ToDebentures/OtherInvestmentAccount

    ToSecurityPremiumAccount(ifany)

    ForBuyBackofShares:

    EquityShareholdersAccount..Db

    ToBankAccount

    (Withtheamountpaid)

    ForCancellationofSharesBoughtBack:

    EquityShareCapitalA/cdb(NominalValue)

    FreeReserve/SecurityPremiumA/c..db(Withtheexcessamount)

    ToEquityShareholdersA/c(AmountPaid)(AmountPaid)

    IfSharesareboughtbackatadiscount:

    EquityShareCapitalAccountdb

    ToEquityShareholdersA/c

    ToCapitalReserveA/c

    For transfer of nominal value of shares purchased out of free reserves/Security Premium to CapitalRedemptionAccount:

    FreeReserves..db

  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    SecurityPremiumA/c.db

    ToCapitalRedemptionReserveAccount

    ForExpensesincurredinBuyBack:

    BuyBackExpensesA/c..db

    ToBank

    Profit&LossA/c..db

    ToBuyBackExpensesA/c

    ThiswasabriefsummaryofBuyBack.Foranyquery,pleasemailmeat:

    (AuthorSagarGuptaisaninnovativeleaderindeliveringcorporateadvisory&[email protected])

    ClickhereReadOtherArticlesofSagarGupta

    Tags:CompaniesAct,CompaniesAct2013,SagarGupta

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  • 2/26/2015 BuyBackofSecurities/SharesunderCompaniesAct,2013

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    8ResponsestoBuyBackofSecurities/SharesunderCompaniesAct,2013

    1. Anitasays:01/31/2015at4:55PM

    Goodefforts

    2. Vinaysays:12/03/2014at11:14AM

    Informativearticle.Goodefforts

    3. JayGorsays:10/09/2014at10:39AM

    Thanks

    4. JayGorsays:10/09/2014at10:34AM

    Nicewriteup..

    5. SagarGuptasays:04/14/2014at7:21PM

    [email protected]

    6. maheshmaisuriasays:04/14/2014at3:34PM

    Dearsir,DuringbuybackschemeofEssarsteelihadnotparted&ihavesharesofthiscompany.Pladviseificangetdividendorsellitinmarket.

    7. maheshmaisuriasays:04/14/2014at3:32PM

    Dearsir,DuringbuybackschemeofEssarsteelihadnotparted&ihavesharesofthiscompany.Pladviseificangetdividendorsellitinmarket

    8. CAKamalGargsays:04/14/2014at10:41AM

    Nicewriteup

    LeaveaReply

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