Compulsory delisting: exchange-ordered removal after panel review, public notice, representations and disclosure of fair value and promoter liability. A recognised stock exchange may delist equity shares by a reasoned order after giving the company a reasonable opportunity to be heard and deciding through a prescribed panel; it must publish advance notice for representations, consider those representations and Schedule III guidelines, and on ordering delisting disclose the company, the fair value of delisted shares, promoter liability information, notify other exchanges and publish the order online. Chapter IV does not apply to compulsory delisting under this Chapter.