Common use of Closure of the Escrow Accounts, Public Offer Account and Refund Account Clause in Contracts

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of instructions from the Company, Managers and/or the Registrar (with a copy to the Selling Shareholders), as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the Company, Managers and/or the Registrar, the Public Offer Account Bank shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account are transferred to the accounts of the Company and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Managers and/or the Registrar, the Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders and the Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker to the Offer to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling Shareholders, the Registrar and the Managers. Within five (5) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Managers, the Company and the Selling Shareholders.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon (i) The Escrow Collection Bank shall, upon receipt of instructions from the Company, Managers and/or the BRLMs and the Registrar to the Offer (with a copy to the Selling Shareholders)) in the form of Annexure L, as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once only upon transfer of all monies therein are transferred into the Public Offer Account, Account or the Refund Account, as the case may be, in accordance with the terms of this Agreement and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions Applicable Law and accounts closure letter from shall confirm to the Company, Managers and/or the RegistrarSelling Shareholders, the BRLMs and the Registrar to the Offer the closure of the Escrow Accounts in the form of Annexure M. The Public Offer Account Bank shall take the necessary steps necessary to ensure closure of the Public Offer Account promptly and only after the Estimated Offer Expenses and the STT and Withheld Income Tax Amount (if required to be withheld or paid under Applicable Law), have been paid and all monies in the Public Offer Account are transferred to the accounts of the Company and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon Agreement and upon receipt of instructions account closure letter from the Company, Managers and/or the RegistrarBRLMs and the Registrar to the Offer (with a copy to the Selling Shareholders) in the form of Annexure L and shall confirm to the Company, the Selling Shareholders, the BRLMs and the Registrar to the Offer the closure of the Public Offer Account in the form of Annexure M. The Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon Agreement and upon receipt of account closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by letter from the Company, provide the BRLMs and the Registrar to the Offer (with a confirmation copy to the Selling Shareholders) in writing the form of Annexure L and shall confirm to the Company, the Selling Shareholders Shareholders, the BRLMs and the Managers that no monies are lying Registrar to the credit Offer the closure of the Escrow AccountsRefund Account in the form of Xxxxxxxx X. However, the Public Offer Account or the Refund Account. Howeversubject to Applicable Law, any amount which is due for refund but remains unpaid or unclaimed for a period of seven (7) years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction after intimation to and confirmation from any Party, the Company to the fund known as the ‘“Investor Education and Protection Fund’ ” established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker to the Offer to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling Shareholders, the Registrar and the Managers. Within five (5) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Managers, the Company and the Selling Shareholders.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of instructions from the Company, Book Running Lead Managers and/or and the Registrar (with a copy to each of the Selling Shareholders), as in the case may be, form Annexure L: (i) the Escrow Collection Bank Bank, shall take necessary steps to ensure closure of the Escrow Accounts once Account only upon transfer of all monies therein are transferred into the Public Offer Account, Account or the Refund Account, as the case may be, in accordance with the terms of this Agreement and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the Company, Managers and/or the Registrar, Applicable Law; (ii) the Public Offer Account Bank shall take the necessary steps necessary to ensure closure of the Public Offer Account promptly and only after all monies in the Public Offer Account are have been transferred to the accounts of the Company and each of the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Managers and/or the Registrar, ; and (iii) the Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant transferred to Clause 3.2.1 or Clause 3.2.2, if any, the Refund Account are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders and the Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker to the Offer to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Refund Bank (in the form Annexure M) and the Public Offer Account Bank and (in the Refund Bank form Annexure M(I)) agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, each of the Selling Shareholders and the Managers Book Running Lead Managers, in writing,, that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, each of the Selling Shareholders, the Registrar and the Book Running Lead Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby also agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions in this regard from the Company, the Selling Shareholders, the Registrar and the ManagersBook Running Lead Managers (with a copy to each of the Selling Shareholders). Within five one (51) Working Days Day of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Book Running Lead Managers, the Company and each of the Selling Shareholders. However, subject to Applicable Law, any amount which is due for refund but remains unpaid or unclaimed for a period of seven (7) years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as “Investor Education and Protection Fund” established under Section 125 of the Companies Act, 2013.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. 3.2.5.1 Upon receipt of written instructions from the Company, the Book Running Lead Managers and/or and the Registrar (with a copy to the Selling Shareholders), as the case may beRegistrar, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once only upon transfer of all monies therein are transferred into the Public Offer Account, Account or the Refund Account, as the case may be, in accordance with the terms of this Agreement and Applicable Laws and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the Company, Managers and/or BRLMs and the Registrar, the Public Offer Account Bank shall take the necessary steps necessary to ensure closure of the Public Offer Account promptly and only after the Offer Expenses have been paid and all monies in the Public Offer Account are transferred to the accounts of the Company Company, which will be monitored by a monitoring agency as required under the SEBI ICDR Regulations and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon Agreement and upon receipt of instructions account closure letter from the Company, the Book Running Lead Managers and/or and the Registrar, Registrar to the Offer (with a copy to the Selling Shareholders). The Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders and the Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker to the Offer to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts Agreement and upon receipt of instructions account closure letter from the Company, the Selling Shareholders, Book Running Lead Managers and the Registrar and the Managers. Within five (5) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Managers, the Company and the Selling ShareholdersOffer.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of written instructions from the Company, Lead Managers and/or the Registrar (with a copy to the Selling Shareholders)Registrar, as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts as provided in Schedule XII once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, in accordance with this Agreement and Applicable Law and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of written instructions and accounts closure letter from the Company, Lead Managers and/or the Registrar, the Public Offer Account Bank as provided in Schedule XII in accordance with the terms of this Agreement shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account are transferred to the accounts of the Company and the respective Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Lead Managers and/or the RegistrarRegistrar as provided in Schedule XII, the Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders Company and the Lead Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker Bankers to the Offer Offer, as applicable, to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders Company and the Lead Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, Company the Registrar and the Lead Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling ShareholdersRegistrar and/or the Lead Managers, as the Registrar and the Managerscase may be. Within five one (51) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Managers, the Company Lead Managers and the Selling ShareholdersCompany.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. 3.2.5.1. Upon receipt of instructions from the Company, Book Running Lead Managers and/or the Registrar (with a copy to the Selling Shareholders), as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, and not later than six (6) months from the date of opening of such Escrow AccountsAccounts and in accordance with this Agreement and Applicable Law. Upon receipt of instructions and accounts closure letter from the Company, Book Running Lead Managers and/or the Registrar, the Public Offer Account Bank shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account are transferred to the accounts of the Company and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Book Running Lead Managers and/or the Registrar, the Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.23.2.1, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders and the Book Running Lead Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven (7) years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker Bankers to the Offer to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling Shareholders, the Registrar and the Managers. Within five (5) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Managers, the Company and the Selling Shareholders.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of instructions from the Company, Lead Managers and/or the Registrar (with a copy to the Selling Shareholders), as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, in accordance with the terms of this Agreement and Applicable Laws and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the Company, Lead Managers and/or the Registrar, the Public Offer Account Bank shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account are transferred to the accounts of the Company and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Lead Managers and/or the Registrar, the Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 3.2.1. or Clause 3.2.2., if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders and the Lead Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker Bankers to the Offer Offer, as applicable, to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Lead Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Lead Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling Shareholders, Shareholders the Registrar and the Lead Managers. Within five one (51) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Lead Managers, the Company and the Selling Shareholders.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of written instructions from the Company, Managers BRLMs and/or the Registrar (with a copy to the Selling Shareholders), as the case may be, the Escrow Collection Bank Banks shall take necessary steps to ensure closure of the Escrow Accounts once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, in accordance with the terms of this Agreement and Applicable Laws and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the Company, Managers BRLMs and/or the Registrar, the Public Offer Account Bank shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account are transferred to the accounts of the Company and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Managers BRLMs and/or the Registrar, the Refund Account Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Account Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Selling Shareholders and the Managers BRLMs that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Account Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker Bankers to the Offer Offer, as applicable, to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Account Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Managers BRLMs that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Managers BRLMs in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Account Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling Shareholders, Shareholders the Registrar and the ManagersBRLMs. Within five one (51) Working Days Day of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Account Bank, respectively shall provide a written confirmation of the closure of such accounts to the ManagersBRLMs, the Company and the Selling Shareholders.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon (i) The Escrow Collection Bank shall, upon receipt of instructions from the Company, Managers and/or the BRLMs and the Registrar (with a copy to the Selling Shareholders)Offer in the form of Annexure L, as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once only upon transfer of all monies therein are transferred into the Public Offer Account, Account or the Refund Account, as the case may be, in accordance with the terms of this Agreement and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions Applicable Law, and accounts closure letter from shall confirm to the Company, Managers and/or the Registrar, BRLMs and the Registrar to the Offer the closure of the Escrow Accounts in the form of Annexure M. The Public Offer Account Bank shall take the necessary steps necessary to ensure closure of the Public Offer Account promptly and only after the Estimated Offer Expenses have been paid and all monies in the Public Offer Account are transferred to the accounts of the Company and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon Agreement and upon receipt of instructions account closure letter from the Company, Managers and/or the RegistrarBRLMs and the Registrar to the Offer in the form of Annexure L and shall confirm to the Company, the BRLMs and the Registrar to the Offer the closure of the Public Offer Account in the form of Annexure M. The Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon Agreement and upon receipt of account closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by letter from the Company, provide a confirmation the BRLMs and the Registrar to the Offer in writing the form of Annexure L and shall confirm to the Company, the Selling Shareholders BRLMs and the Managers that no monies are lying Registrar to the credit Offer the closure of the Escrow AccountsRefund Account in the form of Annexure M. However, the Public Offer Account or the Refund Account. Howeversubject to Applicable Law, any amount which is due for refund but remains unpaid or unclaimed for a period of seven (7) years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction after intimation to and confirmation from any Party, the Company to the fund known as the ‘“Investor Education and Protection Fund’ ” established under Section 125 of the Companies Act, 2013. The Company and Selling Shareholders shall cooperate with the Banker to the Offer to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Selling Shareholders and the Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Selling Shareholders, the Registrar and the Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Selling Shareholders, the Registrar and the Managers. Within five (5) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Managers, the Company and the Selling Shareholders.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of written instructions from the Company, Managers and/or Lead Managerand/or the Registrar (with a copy to the Promoter Selling ShareholdersShareholder), as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, in accordance with the terms of this Agreement and Applicable Laws and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the Company, Managers and/or Lead Managerand/or the Registrar, the Public Offer Account Bank shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account are transferred to the accounts of the Company and the Promoter Selling Shareholders Shareholder or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the Company, Managers and/or Lead Managerand/or the Registrar, the Refund Account Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Account Bank, respectively, shall, upon request by the Company, provide a confirmation in writing to the Company, the Promoter Selling Shareholders Shareholder and the Managers Lead Manager that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Account Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company and Promoter Selling Shareholders Shareholder shall cooperate with the Banker Bankers to the Offer Offer, as applicable, to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Account Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the Company, they shall intimate the Company, the Promoter Selling Shareholders Shareholder and the Managers that Lead Managerthat there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the Company, the Promoter Selling ShareholdersShareholder, the Registrar and the Managers Lead Manager in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Account Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the Company, the Promoter Selling Shareholders, Shareholder the Registrar and the ManagersLead Manager. Within five one (51) Working Days Day of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Account Bank, respectively shall provide a written confirmation of the closure of such accounts to the ManagersLead Manager, the Company and the Promoter Selling ShareholdersShareholder.

Closure of the Escrow Accounts, Public Offer Account and Refund Account. Upon receipt of written instructions from the CompanyBank, Book Running Lead Managers and/or the Registrar (Registrar, as the case may be, with a copy to the Selling Shareholders), as the case may be, the Escrow Collection Bank shall take necessary steps to ensure closure of the Escrow Accounts once all monies therein are transferred into the Public Offer Account, or the Refund Account, as the case may be, in accordance with the terms of this Agreement and Applicable Law, and not later than six months from the date of opening of such Escrow Accounts. Upon receipt of instructions and accounts closure letter from the CompanyBank, Book Running Lead Managers and/or the Registrar, the Public Offer Account Bank shall take the steps necessary to ensure closure of the Public Offer Account promptly and after all monies in the Public Offer Account (except for estimated Offer Expenses and applicable Taxes, if any) are transferred to the accounts of the Company Bank and the Selling Shareholders or the Surplus Amounts are transferred to the Refund Account, in accordance with the terms of this Agreement. Upon receipt of instructions from the CompanyBank, Book Running Lead Managers and/or the Registrar, the Refund Bank shall take the necessary steps to ensure closure of the Refund Account, once all Surplus Amounts or other amounts pursuant to Clause 3.2.1 or Clause 3.2.2, if any, are refunded to the Bidders to whom refunds are required to be made, in accordance with the terms of this Agreement. Upon closure of the Escrow Accounts, the Public Offer Account or the Refund Account, as the case may be, the Escrow Collection Bank, the Public Offer Account Bank or the Refund Bank, respectively, shall, upon request by the CompanyBank or the Book Running Lead Managers, provide a confirmation in writing to the CompanyBank, the Selling Shareholders and the Book Running Lead Managers that no monies are lying to the credit of the Escrow Accounts, the Public Offer Account or the Refund Account. However, any amount which is due for refund but remains unpaid or unclaimed for a period of seven years from the date of such payment becoming first due, shall be transferred by the Refund Bank, without any further instruction from any Party, to the fund known as the ‘Investor Education and Protection Fund’ established under Section 125 of the Companies Act, 2013. The Company Bank and Selling Shareholders shall cooperate with the Banker Bankers to the Offer Offer, as applicable, to ensure such closure of the respective Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank agree that prior to closure of the Escrow Accounts, the Public Offer Account and the Refund Account, respectively, upon request from the CompanyBank, they shall intimate the CompanyBank, the Selling Shareholders and the Book Running Lead Managers that there is no balance in the Escrow Accounts, the Public Offer Account and the Refund Account, respectively and shall provide a signed copy of the complete and accurate statement of accounts to the CompanyBank, the Selling Shareholders, the Registrar and the Book Running Lead Managers in relation to deposit and transfer of funds from each of the Escrow Accounts, the Public Offer Account and the Refund Account. The Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank hereby agree that they shall close the respective accounts only after delivery of such statement of accounts and upon receipt of instructions from the CompanyBank, the Selling Shareholders, the Registrar and and/or the Book Running Lead Managers, as the case may be. Within five one (51) Working Days of closure of the Escrow Accounts, the Public Offer Account and the Refund Account, the Escrow Collection Bank, the Public Offer Account Bank and the Refund Bank, respectively shall provide a written confirmation of the closure of such accounts to the Book Running Lead Managers, the Company Bank and the Selling Shareholders.