TMI BlogEscrow account for open market buy-back through stock exchangeX X X X Extracts X X X X X X X X Extracts X X X X ..... owards security for 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount, empower the merchant banker to instruct 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earmarked for buy-back as specified in the resolution of the board 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 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the opinion of the Board merit consideration. (ix) In the event of forfeiture 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/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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