Regulation 25 - Obligations of the merchant banker - Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018

Obligations of the merchant banker: 25. The merchant banker shall ensure that- (i) the company is able to implement the offer; (ii) the provision relating to escrow account has been complied with; (iii) firm arrangements for monies for payment to fulfill the obligations under the offer are in place; (iv) the public announcement of buy-back is made in terms of the regulations; (v) the letter of offer has been filed in terms of the regulations; (vi) a due diligence certificate along with the draft letter of offer has been furnished to the Board; (vii) the contents of the public announcement of offer as well as the letter of offer are true, fair and adequate and quoting the source wherever necessary; (viii) due compliance of sections 68 , 69 and 70 of the Companies Act and any other laws or rules as may be applicable in this regard has been made; (ix) the bank with whom the escrow or special amount has been deposited releases the balance amount to the company only upon fulfillment of all obligations by the company under the regulations; 1 [ (x) a final report in the electronic mode shall be submitted to the Board within fifteen working days from the date of expiry of the buy-back period. ] *************** 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 Official Gazette before it was read as:- (x) a final report is submitted to the Board in the form specified within fifteen days from the date of expiry of buyback period.