Securities And Exchange Board Of India - Subsection
Section 8(1) in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
(1)Any company desirous of delisting its equity shares under the provisions of Chapter III shall, except in a case falling under clause (a) of regulation 6, -(a)obtain the prior approval of the board of directors of the company in its meeting;(b)obtain the prior approval of shareholders of the company by special resolution passed through postal ballot, after disclosure of all material facts in the explanatory statement sent to the shareholders in relation to such resolution :Provided that the special resolution shall be acted upon [***] [Omitted 'if and' by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).] only if the votes cast by public shareholders in favour of the proposal amount to at least two times the number of votes cast by public shareholders against it.(c)make an application to the concerned recognised stock exchange for in-principle approval of the proposed delisting in the form specified by the recognised stock exchange; and(d)within one year of passing the special resolution, make the final application to the concerned recognised stock exchange in the form specified by the recognised stock exchange:Provided that in pursuance of special resolution as referred to in clause (b), passed before the commencement of these regulations, final application shall be made within a period of one year from the date of passing of special resolution or six months from the commencement of these regulations, whichever is later.
