Securities Contracts (Regulation) (Amendment) Rules, 2008.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in the Official Gazette. 2. Insertion of rule 21: In the Securities Contracts (Regulation) Rules, 1957, after rule 20, the following rule shall be inserted, namely: "21. Delisting of securities. A recognized stock exchange may, without prejudice to any other action that may be taken under the Act or under any other for the time being in force, delist any securities listed thereon on any of the following grounds in accordance with the regulations made by the Securities and Exchange Board of India, namely: (a) the company has incurred losses during the preceding three consecutive years and it has negative net worth; (b) trading the securities the company has remained suspended for a period of more than six months; (c) the securities of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....under the Act; and (b) the said securities shall be delisted from all recognized stock exchanges. (3) A recognized stock exchange may, on the request of the company, delist any securities listed thereon in accordance with the regulations made under the Act by Securities Exchange Board of India, subject to the following conditions, namely :- (a) the securities of the company have been listed for a minimum period of three years on the recognized stock exchange; (b) the delisting of such securities has been approved by the two-third of public shareholders; and (c) the company, promoter and/or the director of the company purchase the outstanding securities from those holders who wish to sell them at a price determined in accordance with re....