Section 19 in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
19. Failure of offer.
(1)Where the offer is rejected under regulation 16 or is not successful as per regulation 17, the offer shall be deemed to have failed and no equity shares shall be acquired pursuant to such offer.(2)Where the offer fails -(a)the equity shares deposited or pledged by a shareholder under paragraphs 7 or 9 of Schedule II shall be returned or released to him within ten working days from the end of the bidding period;[Provided that the acquirer shall not be required to return the shares if the offer is made pursuant to regulation 5A of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.] [Inserted by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).](b)no final application shall be made to the exchange for delisting of the equity shares; and(c)the escrow account opened under regulation 11 shall be closed.
