Escrow account requirements govern open market buy-backs through stock exchange with prescribed deposits, eligible forms, and merchant banker control. Escrow account requirements govern open market buy-back through stock exchange by requiring the company to create an escrow account within two working days of the public announcement and deposit 25 per cent of the amount earmarked for the buy-back. The escrow may be maintained in cash, bank guarantee, eligible securities, government securities, mutual fund units invested in gilt funds and overnight schemes, or a combination of these, subject to prescribed margin requirements.
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Provisions expressly mentioned in the judgment/order text.
Escrow account requirements govern open market buy-backs through stock exchange with prescribed deposits, eligible forms, and merchant banker control.
Escrow account requirements govern open market buy-back through stock exchange by requiring the company to create an escrow account within two working days of the public announcement and deposit 25 per cent of the amount earmarked for the buy-back. The escrow may be maintained in cash, bank guarantee, eligible securities, government securities, mutual fund units invested in gilt funds and overnight schemes, or a combination of these, subject to prescribed margin requirements.
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