Securities And Exchange Board Of India - Subsection
Section 27(3) in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
(3)A delisting of equity shares may be made under sub-regulation (1) [***] [Omitted 'or sub-regulation (2)' by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).] only if, in addition to fulfillment of the requirements of regulation 8, the following conditions are fulfilled : -(a)the promoter appoints a merchant banker and decides an exit price in consultation with him;(b)the exit price offered to the public shareholders shall not be less than the price arrived at in consultation with the merchant banker;(c)the promoter writes individually to all public shareholders in the company informing them of his intention to get the equity shares delisted, indicating the exit price together with the justification therefor and seeking their consent for the proposal for delisting;(d)[the public shareholders, irrespective of their numbers, holding ninety percent or more of the public shareholding give their consent] [Substituted 'at least ninety per cent. of such public shareholders give their positive consent' by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).] in writing to the proposal for delisting, and have consented either to sell their equity shares at the price offered by the promoter or to remain holders of the equity shares even if they are delisted;(e)the promoter completes the process of inviting the positive consent and finalisation of the proposal for delisting of equity shares within seventy five working days of the first communication made under clause (c);(f)the promoter makes payment of consideration in cash within fifteen working days from the date of expiry of seventy five working days stipulated in clause (e).
