SPECIAL PROVISIONS FOR SMALL COMPANIES AND DELISTING BY OPERATION OF LAW - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009
SPECIAL PROVISIONS FOR SMALL COMPANIES AND DELISTING BY OPERATION OF LAW - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009
Right of promoter to reject a book-built price or make a counteroffer with counter price not below certified book value. Regulation 16 permits the acquirer or promoter to reject the book-built offer price and, within a short prescribed period, make a counteroffer to public ... Summary
Right of promoter to reject a book-built price or make a counteroffer with counter price not below certified book value.
Regulation 16 permits the acquirer or promoter to reject the book-built offer price and, within a short prescribed period, make a counteroffer to public shareholders provided the counter price is not less than the company's book value as certified by the merchant banker. If the acquirer or promoter declines the discovered price, they shall not acquire tendered shares, deposited or pledged shares under Schedule II must be returned or released within ten working days of bidding closure, the company shall not file the final delisting application, and the acquirer or promoter may close the escrow account.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.