Rule 7 - Payment to the shareholder - Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Rules, 1999

Payment to the shareholder: 07. (1) The Company shall immediately after the date of closure of the offer open a special bank account and deposit therein, such sum, as would make up the entire sum due and payable as consideration for the buy-back in terms of these rules. (2) The company shall within 7 days of the time specified in sub-rule (4) of rule 6 make payment of consideration in cash or bank draft/pay order to those shareholders whose offer has been accepted or return the share certificates to the shareholders forthwith.