Section 11 in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
11. Payment to share-holders.-
(1)The company shall immediately after the date of closure of the offer open a special account with a bankers to an issue registered with the Board and deposit therein, such sum as would, together with [ninety percent of] [Inserted by S.O. 745(E), dated 18.6.2004] the amount lying in the escrow account make-up the entire sum due and payable as consideration for buy-back in terms of these regulations and for this purpose, may transfer the funds from the escrow account.(2)The company shall within seven days of the time specified in sub-regulation (5) of regulation 9 make payment of consideration in cash to those share-holders whose offer has been accepted or return the shares or other specified securities:
