Part C - SPECIAL PROVISIONS FOR A SUBSIDIARY COMPANY GETTING DELISTED THROUGH A SCHEME OF ARRANGEMENT WHEREIN THE LISTED HOLDING COMPANY AND THE SUBSIDIARY COMPANY ARE IN THE SAME LINE OF BUSINESS
Regulation 10 - Approval by the Board of Directors
Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. Part B Conditions and procedure for delisting where exit opportunity is required
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Board approval for delisting requires due diligence certification and disclosure to exchanges, ensuring compliance and shareholder interest. Board approval is required for an acquirer's delisting proposal within the prescribed period; the Board must appoint a Peer Review Company Secretary to obtain and review two years' trading and off-market transaction details for the acquirer, related entities and top twenty-five shareholders, and the Company Secretary must certify compliance with securities laws. The Board must certify overall legal compliance, acquirer compliance per the Company Secretary's report, and that delisting serves shareholder interest, and must file the due-diligence and audit reports with the stock exchanges for public dissemination.
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.
Board approval for delisting requires due diligence certification and disclosure to exchanges, ensuring compliance and shareholder interest.
Board approval is required for an acquirer's delisting proposal within the prescribed period; the Board must appoint a Peer Review Company Secretary to obtain and review two years' trading and off-market transaction details for the acquirer, related entities and top twenty-five shareholders, and the Company Secretary must certify compliance with securities laws. The Board must certify overall legal compliance, acquirer compliance per the Company Secretary's report, and that delisting serves shareholder interest, and must file the due-diligence and audit reports with the stock exchanges for public dissemination.
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