Committee of independent directors' reasoned recommendations required, with voting disclosure and publication before the bidding period.

Regulation 28 mandates that the Board shall constitute a Committee of Independent Directors to provide written reasoned recommendations on a delisting proposal, with authority to seek external professional advice at the company's expense, and requires disclosure of the voting pattern. The company must publish those recommendations and voting details in the same newspapers as the detailed public announcement and concurrently send copies to the stock exchange(s) and the Manager to the offer at least two working days before the bidding period.

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