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        SEBI

        Regulation 21 - Payment of consideration

        Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
        Chapter III
        OPEN OFFER PROCESS

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        Escrow requirement for open offer consideration secures funds, with payment to shareholders due within ten working days. Regulation 21 requires the acquirer to open a special escrow account, deposit sums sufficient to cover the full cash consideration for an open offer and empower the manager to operate it; the acquirer must complete payment of consideration to all valid acceptances within ten working days of the tendering period's expiry, and unclaimed balances after seven years must be transferred to the Investor Protection and Education Fund.
                        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.

                            Escrow requirement for open offer consideration secures funds, with payment to shareholders due within ten working days.

                            Regulation 21 requires the acquirer to open a special escrow account, deposit sums sufficient to cover the full cash consideration for an open offer and empower the manager to operate it; the acquirer must complete payment of consideration to all valid acceptances within ten working days of the tendering period's expiry, and unclaimed balances after seven years must be transferred to the Investor Protection and Education Fund.


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