Buy-back payment process requires special account deposit and prompt verification with return of unaccepted securities within prescribed working days. Company must immediately after offer closure open a special account with a banker to an issue registered with the Board and deposit therein such sum as ... Summary
Buy-back payment process requires special account deposit and prompt verification with return of unaccepted securities within prescribed working days.
Company must immediately after offer closure open a special account with a banker to an issue registered with the Board and deposit therein such sum as would, together with ninety per cent of the escrow account, make up the entire consideration payable for the buy-back (funds may be transferred from escrow). The company must complete verification of offers, pay accepted holders, and return remaining securities to holders within the prescribed working-day period after closure.
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