Delisting of small-company shares requires promoter-appointed merchant banker and justified exit price with public shareholder consent. Regulation 27 permits delisting of equity shares of small companies without Chapter IV procedures if size, trading activity and suspension criteria are met; requires the promoter to appoint a merchant banker, determine an exit price not below a specified floor, individually notify public shareholders with justification, obtain written consent from a supermajority of public shareholding to sell or remain post-delist, complete solicitation within the prescribed period, make cash payment within the stipulated timeframe, and obtain stock exchange satisfaction of compliance before delisting.