Regulation 20 - Payment of consideration and return of equity shares - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Payment of consideration and return of equity shares 20. (1) The promoter shall immediately 1 [upon] success of the offer, open a special account with a banker to an issue registered with the Board and transfer thereto, the entire amount due and payable as consideration in respect of equity shares tendered in the offer, from the escrow account. (2) All the shareholders whose equity shares are verified to be genuine shall be paid the final price stated in the public announcement within ten working days from the closure of the offer. (3) The equity shares deposited or pledged by a shareholder pursuant to paragraphs 7 or 9 of Schedule II shall be returned or released to him, within ten working days from the closure of the offer, in cases where the bids pertaining thereto have not been accepted. *********** 1 Substituted for the words on ascertaining by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, w.e.f. 14.11.2018.