TaxTMI 
TaxTMI 
Escrow account for open market buy-back through stock exchange
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.... performance of its obligations under these regulations, and deposit in escrow account 25 per cent of the amount earmarked for the buy-back as specified in the resolution of the board of directors or the special resolution, as the case may be. (ii) The escrow account referred to in sub-regulation (i) may be 2[subject to appropriate margin as specified by the Board,] in the form of,- a) cash dep....
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....t the bank to make payment of the amounts lying to the credit of the escrow account, to meet the obligations arising out of the buy-back. (iv) For such part of the escrow account as is in the form of a bank guarantee: a) the same shall be in favour of the merchant banker and shall be kept valid for a period of 3[thirty working days] after the expiry of buyback period of the offer or till the co....
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....d of directors or the special resolution, as the case may be, remaining in the escrow account at all points of time. (vii) On fulfilling the obligation specified in regulation 15, the amount and the guarantee remaining in the escrow account, if any, shall be released to the company. (viii) In the event of non-compliance with regulation 15, the Board may direct the merchant banker to forfeit the ....
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....feiture for non-fulfillment of obligations specified in sub-regulation (viii) of this regulation, the amount forfeited shall be deposited in the Investor Protection and Education Fund of Securities and Exchange Board of India. **************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023, w.e.f. thirtieth day from the date of their publication in the O....