In case of Takeover, what are the cases in which the amount is released from Escrow Account?

Release of amount from Escrow Account [Regulation 17(10)] The amount lying in escrow account can be released in the following cases only: In case of withdrawal of offer, the entire amount can be released only after certification by the managers to the open offer. The amount deposited in special 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 deposited in the escrow account. The balance 10% in the escrow account is to be released to the acquirer on the expiry of thirty days from the completion of all obligations under the open 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.