Rules and Regulations of India

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Section 7 – 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.

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