Escrow account

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..... he amount earmarked for the buy-back as specified in the resolutions referred to in regulation 5 or regulation 5A. (2) The escrow account referred to in sub-regulation (1) may be in the form of,- (a) cash deposited with any scheduled commercial bank; or (b) bank guarantee issued in favour of the merchant banker by any scheduled commercial bank. (3) For such part of the escrow account a .....

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..... ompany shall deposit with a scheduled commercial bank, in cash, a sum of at least 2.5 per cent of the total amount earmarked for buy-back as specified in the resolutions referred to in regulation 5 or regulation 5A. as and by way of security for fulfillment of the obligations under the regulations by the company. (6) The escrow amount may be released for making payment to the shareholders subje .....

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..... d by the company as certified by the Merchant banker based on the inputs provided by the Stock Exchanges. c. such circumstances which were beyond the control of the company and in the opinion of the Board merit consideration, the Board may direct the merchant banker to forfeit the escrow account, subject to a maximum of 2.5 per cent of the amount earmarked for buy-back as specified in the re .....

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