SPECIAL PROVISIONS FOR SMALL COMPANIES AND DELISTING BY OPERATION OF LAWSecurities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009
SPECIAL PROVISIONS FOR SMALL COMPANIES AND DELISTING BY OPERATION OF LAWSecurities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009
Public announcement requirement: acquirers/promoters must promptly notify markets and appoint independent merchant banker for delisting compliance. Regulation 10 requires the acquirer or promoter to publish a public announcement within one working day of in principle delisting approval in specified ... Summary
Public announcement requirement: acquirers/promoters must promptly notify markets and appoint independent merchant banker for delisting compliance.
Regulation 10 requires the acquirer or promoter to publish a public announcement within one working day of in principle delisting approval in specified newspapers, containing all material information and naming a specified date (within one working day) for determining recipients of the letter of offer. Before the announcement the acquirer/promoter must appoint a registered merchant banker and other intermediaries; the merchant banker doing due diligence may act as manager. Compliance responsibility rests with the acquirer/promoter and merchant banker, and associates cannot be appointed as merchant bankers. Entities in the acquirer/promoter group may not sell shares from approval until delisting completion.
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