https://www.taxtmi.com/acts?id=55794 SPACs must keep IPO proceeds in an interest-bearing escrow account controlled by an independent custodian until completion of the business combination. Shareholders' approval and a detailed prospectus are required for the proposed combination, with prior approval from a majority of non-sponsor shareholders. Non-sponsor shareholders voting against the combination have redemption rights over their pro rata share of escrowed funds, net of taxes. Failure to complete the combination within the disclosed period results in liquidation of the escrow account and delisting of specified securities. en-us Tue, 22 Sep 2026 17:41:01 +0530 Tue, 22 Sep 2026 17:41:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=55794 SPACs must keep IPO proceeds in an interest-bearing escrow account controlled by an independent custodian until completion of the business combination. Shareholders' approval and a detailed prospectus are required for the proposed combination, with prior approval from a majority of non-sponsor shareholders. Non-sponsor shareholders voting against the combination have redemption rights over their pro rata share of escrowed funds, net of taxes. Failure to complete the combination within the disclosed period results in liquidation of the escrow account and delisting of specified securities. Act-Rules Indian Laws Tue, 22 Sep 2026 17:41:01 +0530 https://www.taxtmi.com/acts?id=55794