In order to keep pace with the dynamics of change restructuring of the Indian corporate sector has become a necessity for survival and growth in the competitive environment. corporate restructuring may be defined as a comprehensive process of rearranging and redeployment of the resources of a company with a view to achieving the basic objectives of survival, growth and profitability.Financial restructuring is considered to be the most important wing of the corporate restructuring. Good Corporate Governance requires proper and effective utilization of shareholders' funds with a view to accomplishing the long-term wealth of the shareholders and, obviously, of the company as a whole. In this backdrop, the present research has been conducted.The central objective of the present research work is to make an in-depth and detailed analysis of the financial restructuring through share buybacks in India and to understand the impact of such corporate practice on various aspects of an organization.