Securities And Exchange Board Of India - Subsection
Section 11(3) in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
(3)The escrow account shall consist of either cash deposited with a scheduled commercial bank, or a bank guarantee in favour of the merchant banker, or a combination of both.[Explanation. - The cash component of the escrow account may be maintained in an interest bearing account, provided that the merchant banker ensures that the funds are available at the time of making payment to shareholders.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).]
