What is Escrow account under SEBI Takeover Regulations? How the amount can be released from this account?

Escrow Account: Not later than two working days prior to the date of the detailed public statement of the open offer for acquiring shares, the acquirer shall create an escrow account towards security for performance of his obligations and deposit such amount as may be prescribed in the Takeover Regulations. The following are the conditions of releasing amount from ESCROW account: In case of withdrawal of offer, the entire amount can be released only after certification by the manager to the open offer. The amount deposited in ESCROW account is transferred to special bank account opened with the bankers to an issue, however the amount so transferred shall not exceed 90% of the cash deposit; The balance 10% is released to the acquirer on the expiry of thirty days from the completion of all obligations under the offer; The entire amount to the acquirer on the expiry of thirty days from the completion of all obligations under the offer where the open offer is for exchange of shares or other secured instruments; In the event of forfeiture of amount, the entire amount is distributed in the following manner: One third of the amount to target company One third of the ESCROW account to the Investor Protection and Education Fund established under SEBI (Investor Protection and Education Fund) Regulations, 2009. Residual one-third is to be distributed to the shareholders who have tendered their shares in the offer.