Section 10 in The Securities and Exchange Board Of India (Delisting of Equity Shares) Regulations, 2009
10. Public announcement.
(1)The [acquirers or] [Substituted by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).] promoters of the company shall [within one working day from the date of] [Substituted 'upon' by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).] receipt of in-principle approval for delisting from the recognised stock exchange, make a public announcement in at least one English national daily with wide circulation, one Hindi national daily with wide circulation and one regional language newspaper of the region where the concerned recognised stock exchange is located.(2)The public announcement shall contain all material information including the information specified in Schedule I and shall not contain any false or misleading statement.(3)The public announcement shall also specify a date, being a day not later than [one working day] [Substituted 'thirty working days' by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).] from the date of the public announcement, which shall be the `specified date' for determining the names of shareholders to whom the letter of offer shall be sent.(4)Before making the public announcement, the [acquirer or] [Inserted by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).] promoter shall appoint a merchant banker registered with the Board and such other intermediaries as are considered necessary.[Explanation. - The merchant banker conducting due diligence on behalf of the company may also act as the manager to the delisting offer.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/46, dated 14.11.2018 (w.e.f. 10.6.2009).](5)It shall be the responsibility of the [acquirer/promoter] [Substituted 'promoter' by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).] and the merchant banker to ensure compliance with the provisions of this Chapter.(6)No [acquirer/promoter] [Substituted 'promoter' by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).] shall appoint any person as a merchant banker under sub-regulation (4) if such a person is an associate of the [acquirer/promoter] [Substituted 'promoter' by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).].(7)[ No entity belonging to the acquirer, promoter and promoter group of the company shall sell shares of the company during the period from the date of the board meeting in which the delisting proposal was approved till the completion of the delisting process.] [Inserted by Notification No. LAD-NRO/GN/2014-15/27/541, dated 24.3.2015 (w.e.f. 10.6.2009).]
