State which of the following statements is true?

(A) Buy-back is for more than twenty-five per cent of the total paid-up capital and free reserves of the company.

(B) Partly paid shares cannot be bought back by a company.

(C) Buy-back of equity shares in any financial year shall exceed twenty-five per cent of its total paid-up equity capital in that financial year.

(D) Partly paid shares can be bought back by a company.