DEPOSIT OF OFFERED SHARES AND ESCROW TERM. 3.1. Upon receipt of confirmation of opening of the Escrow Demat Account in accordance with Clause 2.2, and on receipt of intimation from the Company on the proposed date of filing of the RHP, and prior to the Deposit Date, each of the Selling Shareholders, severally and not jointly, will ensure that its respective Offered Shares (the quantum, which will be agreed upon by the Company, the Corporate Promoter Selling Shareholders and the Investor Selling Shareholders and which will be communicated to each of the Selling Shareholders by the Company at least two (2) Working Days prior to filing of the RHP) are debited from its respective Selling Shareholders’ Demat Account and such Offered Shares are credited to the Escrow Demat Account. The Share Escrow Agent shall confirm credit of all of the Offered Shares from each of the Selling Shareholders’ Demat Account to the Escrow Demat Account in writing in the format set forth in Schedule B immediately upon credit of the Offered Shares to the Escrow Demat Account and shall keep the Company and Book Running Lead Managers copied on the same. Provided however that the Parties agree and acknowledge that in the event the Red Xxxxxxx Prospectus is not filed with the RoC within seven (7) Working Days of credit of the Offered Shares to the Escrow Demat Account or such other time period as may be agreed between the Company, the Selling Shareholders and the Book Running Lead Managers, the Share Escrow Agent shall, upon receipt of instructions in writing, in a form as set out in Schedule E2 debit the Offered Shares from the Escrow Demat Account and credit them back to the respective Selling Shareholders’ Demat Account in the same proportion as were originally credited to the Escrow Demat Account by such Selling Shareholder pursuant to this Clause 3.1, immediately upon receipt of such instruction. Once the Offered Shares are credited back to the respective Selling Shareholders’ Demat Account, if the Company and the Selling Shareholders, jointly and not severally, desire to file the Red Xxxxxxx Prospectus with the RoC, each Selling Shareholder shall debit its respective Offered Shares from its respective Selling Shareholders’ Demat Account and credit such respective Offered Shares to the Escrow Demat Account again no later than two (2) Working Days prior to the date of the filing of the Red Xxxxxxx Prospectus with the RoC (on receipt of intimation from the Company on the proposed date of filing of the RHP), or as mutually agre...
DEPOSIT OF OFFERED SHARES AND ESCROW TERM. 3.1. Upon receipt of confirmation of opening of the Escrow Demat Account in accordance with Clause
