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
Right to tender shares: remaining public shareholders may tender post delisting and acquirer must accept at delisting price. Remaining public shareholders have a right to tender equity shares not accepted or not tendered during the bidding period for a prescribed minimum period after delisting; the acquirer is obliged to accept such shares at the same delisting price, and payment for accepted shares must be made from the escrow balance while the Manager must ensure escrow funds or bank guarantees are not released to the acquirer until the prescribed period expires or payments to remaining public shareholders are made.
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.
Right to tender shares: remaining public shareholders may tender post delisting and acquirer must accept at delisting price.
Remaining public shareholders have a right to tender equity shares not accepted or not tendered during the bidding period for a prescribed minimum period after delisting; the acquirer is obliged to accept such shares at the same delisting price, and payment for accepted shares must be made from the escrow balance while the Manager must ensure escrow funds or bank guarantees are not released to the acquirer until the prescribed period expires or payments to remaining public shareholders are made.
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