OPERATION OF THE ESCROW DEMAT ACCOUNT. 5.1 On the Closing Date:
(i) The Company shall provide a certified copy of the resolution of the Board of Directors or the IPO Committee, approving the Allotment, to the Share Escrow Agent, each of the Selling Shareholders and the Managers.
(ii) The Company shall (with a copy to the Managers) (a) issue the Corporate Action Requisition (with a copy of the resolution of the Board of Directors or the IPO Committee thereof, approving the Allotment) to the Depositories, to debit the Sold Shares from the Escrow Demat Account and credit the Sold Shares to the demat accounts of the Allottees pursuant to the Offer and (b) intimate each of the Selling Shareholders and the Share Escrow Agent in the format provided in Schedule D along with a copy of the Corporate Action Requisition.
5.2 Upon receipt of the intimation of the issue of the Corporate Action Requisition from the Company and after duly verifying that the Corporate Action Requisition is complete in all respects, the Share Escrow Agent shall ensure the debit of the Sold Shares from the Escrow Demat Account and credit to the respective demat accounts of the Allottees of such Sold Shares in relation to the Offer, in terms of the Corporate Action Requisition within the time period as specified in the Red Xxxxxxx Prospectus and the Prospectus and as prescribed under Applicable Law. Equity Shares remaining to the credit of the Escrow Demat Account (after credit of the Sold Shares to the Allottees as described above, and other than Equity Shares remaining to the credit of the Escrow Demat Account on account of failure to credit Equity Sharesto the accounts of the Allottees, despite having received the Corporate Action Requisition in respect of such Equity Shares) will be released and credited back to the respective Selling Shareholder Demat Accounts, as the case may be (subject to rounding off) within one
(1) Working Day of the completion of transfer of Sold Shares to the demat accounts of the Allottees in accordance with Applicable Law. It is hereby clarified that for the purpose of this Clause 5.2, the debit of the respective Sold Shares of each Selling Shareholder shall, subject to rounding off, be in the same proportion (between the Selling Shareholders) as the Offered Shares originally credited to the Escrow Demat Account by such Selling Shareholder pursuant to Clause 3.1.
5.3 In the event of an occurrence of any of the following events (an “Event of Failure”), the Company shall immediately and not later than ...
OPERATION OF THE ESCROW DEMAT ACCOUNT. 5.1. On the Closing Date:
(a) The Company shall provide a certified copy of the resolution of the Board of Directors or the IPO Committee, as the case may be, approving the Allotment, to the Share Escrow Agent (with a copy to each of the Selling Shareholders and the BRLMs).
