Public Offer Account definition

Public Offer Account means the bank account(s) to be opened with the Public Offer Account Bank(s) under Section 40(3) of the Companies Act, 2013, to receive monies from the Escrow Account(s) and ASBA Accounts on the Designated Date;

Public Offer Account has the meaning ascribed to such term in the Offer Documents.

Public Offer Account means the ‘no-lien’ and ‘non-interest-bearing’ bank account(s) opened in accordance with Section 40(3) of the Companies Act, 2013, with the Public Offer Account Bank(s) to receive money from the Escrow Account(s) and the ASBA Accounts maintained with the SCSBs on the Designated Date.

Examples of Public Offer Account in a sentence

• Within one (1) 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.

• 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.

• 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 Lead Managers.

• Upon receipt of instructions 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.

• The Bankers to the Offer, as applicable, shall not in any case whatsoever use the amounts held in their respective Escrow Accounts, Public Offer Account and/or Refund Account to satisfy the damages it shall be liable to under this clause.

More Definitions of Public Offer Account

Public Offer Account means the bank account opened with the Public Offer Account Bank, under Section 40(3) of the Companies Act to receive monies from the Escrow Account and from the ASBA Accounts on the Designated Date;

Public Offer Account means the bank account opened with the Bankers to the Offer by the Company under Section 73 of the Companies Act to receive money from the Escrow Accounts on the Designated Date and where the funds shall be transferred by the SCSBs from the ASBA Accounts;

Public Offer Account means the account established in accordance with Clause 2.3 of this Agreement.

Public Offer Account means the bank which is a clearing member and registered with SEBI as a banker to an issue, and with whom the Public Offer Account(s) will be opened ;

Public Offer Account shall have the meaning given to such term in Section 2.2(b);

Public Offer Account means an account opened in accordance with the provisions of Section 40(3) of the Companies Act, with the Public Offer Bank to receive monies from the Escrow Accounts and the ASBA Accounts on the Designated Date in this case being Axis Bank Limited;

Public Offer Account has the meaning given to such term in the Offer Documents; “Public Offer Account Bank” has the meaning given to such term in the Offer Documents; “RBI” shall mean the Reserve Bank of India;