Section 7 in Private Limited Company and Unlisted Public Limited Company (Buy-Back of Securities) Rules, 1999
7. Payment to the shareholder.
(1)The Company shall immediately after the date of closure of the offer open a special bank account and deposit therein, such sum, as would make up the entire sum due and payable as consideration for the buy-back in terms of these rules.(2)The company shall within 7 days of the time specified in sub-rule (4) of rule 6 make payment of consideration in cash or bank draft/pay order to those shareholders whose offer has been accepted or return the share certificates to the shareholders forthwith.
