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
Compulsory delisting valuation: promoters must buy public shares at independent fair value, with interest on delayed payment. Compulsory delisting requires the recognised stock exchange to appoint independent valuer(s) from a maintained Panel to determine fair value per regulation 20(2). Promoter(s) must acquire delisted equity shares from public shareholders at that determined value within the prescribed period, subject to shareholders' option to retain shares. Failure to pay within the time incurs interest to offering shareholders, but the Board may waive interest where delay is not attributable to the acquirer or arises from circumstances beyond the acquirer's control.
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.
Compulsory delisting valuation: promoters must buy public shares at independent fair value, with interest on delayed payment.
Compulsory delisting requires the recognised stock exchange to appoint independent valuer(s) from a maintained Panel to determine fair value per regulation 20(2). Promoter(s) must acquire delisted equity shares from public shareholders at that determined value within the prescribed period, subject to shareholders' option to retain shares. Failure to pay within the time incurs interest to offering shareholders, but the Board may waive interest where delay is not attributable to the acquirer or arises from circumstances beyond the acquirer's control.
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