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Escrow account

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....f the amount earmarked for the buy-back as specified in the resolutions referred to in regulation 5 or regulation 5A. (2) The escrow account referred to in sub-regulation (1) may be in the form of,- (a) cash deposited with any scheduled commercial bank; or (b) bank guarantee issued in favour of the merchant banker by any scheduled commercial bank. (3) For such part of the escrow account as is ....

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....deposit with a scheduled commercial bank, in cash, a sum of at least 2.5 per cent of the total amount earmarked for buy-back as specified in the resolutions referred to in regulation 5 or regulation 5A. as and by way of security for fulfillment of the obligations under the regulations by the company. (6) The escrow amount may be released for making payment to the shareholders subject to atleast 2....

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Escrow account