Options for the IDR Holders during the Notice Period Sample Clauses

Options for the IDR Holders during the Notice Period. As part of the submission of the Withdrawal Order, during the Notice Period, an IDR Holder may select either one or a combination of both of the following options, in respect to some or all of their IDRs: (i) Option 1: Withdrawal of IDRs and consequent delivery of Shares to the IDR Holders (the “Conversion Option”) Under this option, during the Notice Period, the IDR Holders are entitled to receive the Shares underlying the IDRs offered as part of this option, by submitting a Withdrawal Order. IDR Holders will only be entitled to receive Shares under the withdrawal and delivery process to the extent permitted by all applicable laws. In order to request for the redemption of the IDRs into Shares, the IDR Holders are required to have unencumbered title over the relevant IDRs and to open and have a valid and active CREST Account in the United Kingdom. The IDR Holders will be required to approach their respective stockbrokers for assistance in opening the CREST Account in the United Kingdom. Any Shares that are the subject of valid requests received from the IDR Holders pursuant to the submission of a Withdrawal Order, will be credited to the UK CREST client account details provided in the Withdrawal Order within a period of fifteen (15) Business Days (as defined in the Deposit Agreement) from the date of receipt of such request. Indian IDR Holders should carefully note that:  in terms of the circular dated July 22, 2009, notified by the Reserve Bank of India, listed Indian companies and Indian mutual funds registered with SEBI may either sell or continue to hold Shares (upon redemption of IDRs) subject to the terms and conditions of Regulation 6B and 7 of the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004, as amended, and  in terms of the approval received by the Company from the Reserve Bank of India, on December 11, 2019, other persons resident in India (i.e. resident persons other than listed Indian companies and Indian mutual funds), including resident (ii) Option 2: Surrender of IDRs for sale of underlying Shares on the LSE and receipt of cash proceeds (the “Cash-out Option”) Under this option, during the Notice Period, the IDR Holders are entitled to surrender some or all of their IDRs for cash proceeds from the sale of underlying Shares on the LSE. The Shares corresponding to the IDRs surrendered under the Cash-out Option by the IDR Holders would be offered for sale on the LSE in the open market. The proceed...