Buy-back payment obligation: company must open a special bank account and promptly pay accepted shareholders or return share certificates. The company must, immediately after the offer closes, open a special bank account and deposit the entire sum required for buy-back consideration; thereafter, within the short period prescribed by the buy-back procedure the company must make payment in cash or by bank draft/pay order to shareholders whose offers have been accepted or return share certificates to shareholders forthwith.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Buy-back payment obligation: company must open a special bank account and promptly pay accepted shareholders or return share certificates.
The company must, immediately after the offer closes, open a special bank account and deposit the entire sum required for buy-back consideration; thereafter, within the short period prescribed by the buy-back procedure the company must make payment in cash or by bank draft/pay order to shareholders whose offers have been accepted or return share certificates to shareholders forthwith.
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