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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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