Restrictions on promoters' share transfers and directorships after compulsory delisting until exit offers are provided to public shareholders. Where the fair value is positive, promoters' equity shares and corporate benefits shall be frozen and transfers (sale, pledge, etc.) blocked until promoters provide the exit option to public shareholders as certified by the recognised stock exchange; promoters and whole time directors are barred from serving as directors of any listed company until that exit option is effected, with exchanges and depositories coordinating compliance and SEBI empowered to take enforcement action for non compliance.
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.
Restrictions on promoters' share transfers and directorships after compulsory delisting until exit offers are provided to public shareholders.
Where the fair value is positive, promoters' equity shares and corporate benefits shall be frozen and transfers (sale, pledge, etc.) blocked until promoters provide the exit option to public shareholders as certified by the recognised stock exchange; promoters and whole time directors are barred from serving as directors of any listed company until that exit option is effected, with exchanges and depositories coordinating compliance and SEBI empowered to take enforcement action for non compliance.
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