Securities And Exchange Board Of India - Subsection
Section 8(1A) in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
(1A)[ Prior to granting approval under clause (a) of sub-regulation (1), the board of directors of the company shall, -(i)make a disclosure to the recognized stock exchanges on which the equity shares of the company are listed that the promoters/acquirers have proposed to delist the company;(ii)appoint a merchant banker to carry out due-diligence and make a disclosure to this effect to the recognized stock exchanges on which the equity shares of the company are listed;(iii)obtain details of trading in shares of the company for a period of two years prior to the date of board meeting by top twenty five shareholders as on the date of the board meeting convened to consider the proposal for delisting, from the stock exchanges and details of off-market transactions of such shareholders for a period of two years and furnish the information to the merchant banker for carrying out due-diligence;(iv)obtain further details in terms of sub-regulation (1D) of regulation 8 and furnish the information to the merchant banker.
