After the Designated Date. In the event of a failure to complete the Offer, including due to a failure to obtain listing and trading approvals for the Equity Shares, and if the Bid Amounts have already been transferred to the Public Offer Account, then upon the receipt of written instructions from the BRLMs, the Public Offer Account Bank shall forthwith transfer the amounts held in the Public Offer Account to the Refund Account and the Refund Bank shall make payments (i) within 1 (one) Working Day of receipt of such instructions from the BRLMs if Equity Shares have not been transferred to the Allottees as part of the Offer, and (ii) as per Applicable Law in the event Equity Shares have been transferred to the Allottees in terms of the Offer. All refunds under this Agreement shall be payable by the Refund Bank and until such refunds are paid as agreed herein, the monies lying in the Refund Account shall be held for the benefit of the Bidders without any right or lien thereon.
After the Designated Date. In the event of a failure to complete the Offer, including due to a failure to obtain listing and trading approvals for the Equity Shares, and if the Bid Amounts have already been transferred to the Public Offer Account, then upon the receipt of written instructions from the BRLM, the Public Offer Bank shall forthwith transfer the amounts held in the Public Offer Account to the Refund Account and the Refund Bank shall make payments: (i) within 1 (one) Working Day of receipt of such instructions from the Registrar if Equity Shares have not been transferred to the Allottees as part of the Offer, and (ii) as per Applicable Law in the event Equity Shares have been transferred to the Allottees in terms of the Offer. All refunds under this Agreement shall be payable by the Refund Bank and until such refunds are paid as agreed herein, the monies lying in the Refund Account shall be held for the benefit of the Bidders without any right or lien thereon.
3.3.1 The Escrow Collection Bank agrees that it shall immediately and in any event no later than one Working Day of receipt of such intimation as provided in Clause 3.2.1.1 and 3.2.2 from the BRLM transfer the Surplus Amount to the Refund Account. Further, the Refund Bank shall immediately and in any event no later than one Working Day of the receipt of intimation as per Clause 3.2.2, issue refund instructions to the electronic clearing house. Such instructions by the Registrar, shall in any event, be no later than six Working Days from the Bid/Offer Closing Date.
3.3.2 The entire process of transfer of refunds through electronic clearance shall be completed within the prescribed timelines in terms of the SEBI ICDR Regulations and other Applicable Law.
3.3.3 The refunds pertaining to amounts in the Refund Account shall be made by the Refund Bank in manner provided in the Red Herring Prospectus and in accordance with Applicable Laws and the refunds to the Underwriters shall be as per the directions from the Underwriters. For the purposes of such refunds, the Refund Bank will act in accordance with the instructions of the BRLM for issuances of such instruments, copies of which shall be marked to the Company, the Selling Shareholders and the Registrar.
After the Designated Date. In accordance with the procedure set out in the Offer Documents, the Registrar along with the BRLMs shall at any time on or after Designated Date in the form provided in Schedule I (with a copy to the Company and Selling Shareholder) provide the Escrow Collection Banks with details of the Surplus Amount, if any, to be transferred to the Refund Account. Further, the Registrar (with a copy to the BRLMs, the Company and the Selling Shareholders) shall also provide the Refund Account Bank with details of the Bidders to whom refunds have to be made and the amounts to be refunded thereto from the Refund Account in the prescribed form (Schedule IV) hereto.
