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TCS will accept shares as it deems convenient keeping all investors aligned, it has no moral obligation to accept fix no of shares depending on their tendered shares (except Entitled which they will)

I don't think company declares AR, it is news and other people who have derived AR on basis of acceptance from fellow people.

TCS has accepted 1 single share tendered and this would have happened with multiple demat where people tendered only 1 share (even though acc to entitlement ratio they were eligible for 0)
so this is also one of the factor which reduces other people's chance (i.e., more AR)

As a company it looks to buy from more investor and not more from single investor which it's doing and on exception cases it's on proportionate basis, a draw of lots shall be done, as in the case of public issues (IPO)

Unless TCS bought back from you less shares than the entitlement ration - you have no case and you'll be wasting both parties time

19.15 Subject to the provisions contained in the Letter of Offer, the Company will accept the Equity Shares tendered in the Buyback by the Small Shareholders in the Reserved Category in the following order of priority:

19.15.1 Acceptance of 100% Equity Shares from Small Shareholders in the Reserved Category, who have validly tendered their Equity Shares to the extent of their Buyback Entitlement or the number of Equity Shares tendered by them, whichever is less.
19.15.2 After the Acceptance as described in Paragraph 19.15.1 above, in case there are any Equity Shares left to be bought back from Small Shareholders in the Reserved Category, the Small Shareholders who were entitled to tender zero Equity Shares (on account of fractional entitlement), and have tendered Additional Equity Shares as part of the Buyback, shall be given preference and one Equity Share each from such Additional Equity Shares shall be bought back in the Reserved Category.

19.15.3 After the Acceptance as described in Paragraph 19.15.2 above, in case there are any Equity Shares left to be bought back in the Reserved Category, the Additional Equity Shares tendered by the Small Shareholders over and above their Buyback Entitlement, shall be accepted in proportion of the Additional Equity Shares tendered by them and the Acceptance per Small Shareholder shall be made in accordance with the Buyback Regulations. Valid Acceptances per Small Shareholder shall be equal to the Additional Equity Shares validly tendered by the Small Shareholder divided by the total Additional Equity Shares validly tendered and multiplied by the total pending number of Equity Shares to be accepted in Reserved Category. For purpose of this calculation, the Additional Equity Shares taken into account for such Small Shareholders, from whom one Equity Share has been Accepted in accordance with the Paragraph 19.15.2, shall be reduced by one.

yes shares can be sold even after placing buyback order, until they debit on last day of current buyback window (in tcs they are doing in tranches).
buyback order will fail simply after selling shares in open market.

@lokes thanks brother

@Lokes.. when I tender my shares for buyback, I get NSDL message that x shares Blocked in your a/s XXXX for Buyback. How can I sell them before they are Un Blocked.

@avenue: after blocking (earmarked for debit), we cant sell them in open market.
Only before that we can sell. Some brokers like zerodha don't earmark for debit soon after placing buyback order, they does that after last date of buyback normally (in other buybacks, in tcs, they did process in 2-3 tranches) , so after placing buyback order and before offer close, we can sell in zerodha.
No much idea about other brokers. if they are blocking shares soon after placing buyback order, then we can't sell else we can.