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Terms and conditions for opening of Escrow Account

SCHEDULE 5 - Regulation - FEMA - SCHEDULE 5 - SCHEDULE 5 (See Regulation 5(5)) An Escrow account in INR can be opened jointly and severally with an Authorised Dealer in India as an Escrow Agent in the following cases subject to the terms and conditio .....

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banking channels b. Permitted debits in the Escrow account are: i. As per SEBI (SAST) Regulations or any other regulations issued by the Security Exchange Board of India (SEBI). c. The resident mandatee empowered by the overseas acquirer for this pur .....

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-resident acquirers for acquisition/ transfer of shares a. Permitted Credits in the Escrow account are: i. Foreign Inward remittance through banking channels; ii. Receipt of rupee consideration through banking channels by the resident acquirer of sha .....

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r transferor of s hares in India or abroad); ii. Remittance of consideration for refund to the initial remitter of funds in case of failure/ non-materialisation of FDI transaction for which the Escrow account was opened. c. The securities kept/ linke .....

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ed immediately after completing the requirements as outlined above or on completion of six months from the date of opening of such account, whichever is earlier. In case the Escrow account is required to be maintained beyond six months, specific perm .....

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ler, an escrow arrangement may be made between t he buyer and the seller for an amount not more than twenty five per cent of the total conside ration for a period not exceeding eighteen months from the date of the transfer agreement. 3. Acquisition/ .....

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isition of Shares and Takeover) Regulations, 1997 [SEBI (SAST) Regulations] or any other regulations issued by the SEBI. 4. The Escrow account shall be non-interest bearing. 5. No fund or non-fund based facilities would be permi tted against the bala .....

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