Delisting not permissible in certain circumstances and conditions for delisting

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....ange shall permit delisting of equity shares of a company,- (a) pursuant to a buyback of equity shares by the company; or (b) pursuant to a preferential allotment made by the company; or (c) unless a period of three years has elapsed since the listing of that class of equity shares on any recognised stock exchange; or (d) if any instruments issued by the company, which are convertible ....

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....indirectly employ the funds of the company to finance an exit opportunity provided under Chapter IV or an acquisition of shares made pursuant to sub regulation (3) of regulation 23. (5) No ^2[acquirer or promoter or promoter group ^3[or persons acting in concert] or their related entities] shall - (a) employ any device, scheme or artifice to defraud any shareholder or other person; or (b)....