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Payment to the shareholder | Company Vakil Legal Library

Private Limited Company and Unlisted Public Limited Company (Buy-Back of Securities) Rules, 1999

7. Payment to the shareholder

(1) The Company shall immediately after the date of closure of the offer open a special bank account and deposit therein, such sum, as would make up the entire sum due and payable as consideration for the buy-back in terms of these rules.

 

(2) The company shall within 7 days of the time specified in sub-rule (4) of rule 6 make payment of
consideration in cash or bank draft/pay order to those shareholders whose offer has been accepted or return the share certificates to the shareholders forthwith.

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