Section 22 in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
22. Compulsory delisting by a stock exchange.
(1)A recognised stock exchange may, by order, delist any equity shares of a company on any ground prescribed in the rules made under section 21A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) :Provided that no order shall be made under this sub-regulation unless the company concerned has been given a reasonable opportunity of being heard.(2)The decision regarding compulsory delisting shall be taken by a panel to be constituted by the recognised stock exchange consisting of -(a)two directors of the recognised stock exchange (one of whom shall be a public representative);(b)one representative of the investors;(c)one representative of the Ministry of Corporate Affairs or Registrar of Companies; and(d)the Executive Director or Secretary of the recognised stock exchange.(3)Before [passing] [Substituted 'making' by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).] an order under sub-regulation (1), the recognised stock exchange shall give a notice in one English national daily with wide circulation and one regional language newspaper of the region where the concerned recognised stock exchange is located, of the proposed delisting, giving a time period of not less than fifteen working days from the notice, within which representations may be made to the recognised stock exchange by any person who may be aggrieved by the proposed delisting and shall also display such notice on its trading systems and website.(4)The recognised stock exchange shall while passing any order under sub-regulation (1), consider the representations, if any, made by the company as also any representations received in response to the notice given under sub-regulation (3) and shall comply with the criteria specified in Schedule III.(5)The provisions of Chapter IV shall not be applicable to a compulsory delisting made by a recognised stock exchange under this Chapter.(6)Where the recognised stock exchange passes an order under sub-regulation (1), it shall, -(a)forthwith publish a notice in one English national daily with wide circulation and one regional language newspaper of the region where the concerned recognised stock exchange is located, of the fact of such delisting, disclosing therein the name and address of the company, the fair value of the delisted equity shares determined under sub-regulation (1) of regulation 23 and the names and addresses of the promoters of the company who would be liable under sub-regulation (3) of regulation 23; and(b)inform all other stock exchanges where the equity shares of the company are listed, about such delisting [***] [Omitted 'and the surrounding circumstances' by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).].
