| Delisting_of_Equity_Shares_Apr17_2020 |
| 3 (1) These regulations shall apply to delisting of equity shares of a company from all or any of the recognised stock exchanges where such shares are listed 9[: ] 10[Provided that these regulations shall not apply to securities listed without making a public issue, on the institutional trading platform of a recognised |
| 14 11.2018. 6 Words acquirer and public shareholding omitted ibid. and Takeovers) Regulations, 1997" by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, . Regulations, 2018, . Platform) Regulations, 2013, 3 include equity shares having superior voting rights. |
| 14 (2) Nothing in these regulations shall apply to any delisting made pursuant to ascheme sanctioned by the Board for Industrial and Financial Reconstruction underthe Sick Industrial Companies (Special Provisions) Act, 1985 or by the National Company Law Tribunal under section 424D of the Companies Act, 1956, if suchscheme (a) lays down any specific procedure to complete the delisting; or(b) provides an exit option to the existing public shareholders at a specified rate. |
| 14 (3) Nothing in these regulations shall apply to any delisting of equity shares of alisted entity made pursuant to a resolution plan approved under section 31 of theInsolvency and Bankruptcy Code, 2016 [No. 31 of 2016], if such plan, (a) lays down any specific procedure to complete the delisting of such share; or(b) provides an exit option to the existing public shareholders at a price specifiedin the resolution plan:Provided that, exit to the shareholders should be at a price which shall not be lessthan the liquidation value as determined under regulation 35 of the Insolvency andBankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)Regulations, 2016 after paying off dues in the order of priority as defined undersection 53 of the Insolvency and Bankruptcy Code, 2016[No. 31 of 2016]:Provided further that, if the existing promoters or any other shareholders areproposed to be provided an opportunity to exit under the resolution plan at a pricehigher than the price determined in terms of the above proviso, the existing publicshareholders shall also be provided an exit opportunity at a price which shall not be08- 2015. Prior to its substitution, the proviso to sub-regulation (1) read as under: Provided that these regulations shall not apply to securities listed on the institutional trading platform |
| 4 (1) No company shall apply for and no recognised stock exchange shall permit delisting of equity shares of a company,-(a) pursuant to a buyback of equity shares by the company; or(b) pursuant to a preferential allotment made by the company; or(c) unless a period of three years has elapsed since the listing of that class of equityshares on any recognised stock exchange; or(d) if any instruments issued by the company, which are convertible into the sameclass of equity shares that are sought to be delisted, are outstanding.13[(1A) No promoter or promoter group shall propose delisting of equity shares of acompany, if any entity belonging to the promoter or promoter group has sold equityshares of the company during a period of six months prior to the date of the boardmeeting in which the delisting proposal was approved in terms of sub-regulation (1B)of regulation 8.] |
| 4 (2) For the removal of doubts, it is clarified that no company shall apply for and no recognised stock exchange shall permit delisting of convertible securities . |
| 4 (3) Nothing contained in clauses (c) and (d) of sub-regulation (1) shall apply to a delisting of equity shares falling under clause (a) of regulation 6. |
| 4 (4) No promoter shall directly or indirectly employ the funds of the company to finance an exit opportunity provided under Chapter IV or an acquisition of shares made pursuant to sub regulation (3) of regulation 23. |
| 4 (5) No 14[acquirer or promoter or promoter group 15[or persons acting in concert] or their related entities] shall (Amendment) Regulations 2015, . 5(a) employ any device, scheme or artifice to defraud any shareholder or otherperson; or(b) engage in any transaction or practice that operates as a fraud or deceit upon anyshareholder or other person; or(c) engage in any act or practice that is fraudulent, deceptive or manipulative in connection with any delisting sought or permitted or exit opportunity given or other |
| 5 Subject to the provisions of these regulations, a company may delist its equity shares from all the recognised stock exchanges where they are listed or from the only recognised stock exchange where they are listed: Provided that all public shareholders holding equity shares of the class which are sought to be delisted are given an exit opportunity in accordance with Chapter IV. |
| 6 A company may delist its equity shares from one or more recognised stock exchanges where they are listed and continue their listing on one or more other recognised stock exchanges, subject to the provisions of these regulations and subject to the following (a) if after the proposed delisting from any one or more recognised stock exchanges ,the equity shares would remain listed on any recognised stock exchange which hasnationwide trading terminals, no exit opportunity needs to be given to the publicshareholders; and,(b) if after the proposed delisting, the equity shares 16[do] not remain listed on anyrecognised stock exchange having nationwide trading terminals, exit opportunityshall be given to all the public shareholders holding the equity shares sought to be |
| 7 (1) In a case falling under clause (a) of regulation 6 (a) the proposed delisting shall be approved by a resolution of the board of directorsof the company in its meeting;(b) the company shall give a public notice of the proposed delisting in at least oneEnglish national daily with wide circulation, one Hindi national daily with widecirculation and one regional language newspaper of the region where the concernedrecognised stock exchanges are located;(c) the company shall make an application to the concerned recognised stockexchange for delisting its equity shares; and(d) the fact of delisting shall be disclosed in the first annual report of the company prepared after the delisting. |
| 7 (2) The public notice made under clause (b) of sub-regulation (1) shall mention the names of the recognised stock exchanges from which the equity shares of the company are intended to be delisted, the reasons for such delisting and the fact of continuation of listing of equity shares on recognised stock exchange having nationwide trading terminals. |
| 7 (3) An application for delisting made under clause (c) of sub regulation (1) shall be disposed of by the recognised stock exchange within a period not exceeding thirty |
| 8 (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 resolutionpassed through postal ballot, after disclosure of all material facts in the explanatorystatement sent to the shareholders in relation to such resolution:7Provided that the special resolution shall be acted upon only if the votes castby public shareholders in favour of the proposal amount to at least two times thenumber of votes cast by public shareholders against it.(c) make an application to the concerned recognised stock exchange for in-principleapproval of the proposed delisting in the form specified by the recognised stockexchange; 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 stockexchange: Provided that in pursuance of special resolution as referred to in clause(b), passed before the commencement of these regulations, final application shall bemade within a period of one year from the date of passing of special resolution or sixmonths from the commencement of these regulations, whichever is later. 18[(1A) Prior to granting approval under clause (a) of sub-regulation (1), the board ofdirectors of the company shall,-(i) make a disclosure to the recognized stock exchanges on which the equity sharesof the company are listed that the promoters/acquirers have proposed to delist the company ;(ii) appoint a merchant banker to carry out due-diligence and make adisclosure to this effect to the recognized stock exchanges on which the equityshares of the company are listed;(iii) obtain details of trading in shares of the company for a period of two years priorto the date of board meeting by top twenty five shareholders as on the date of the board meeting convened to consider the proposal for delisting, from the stockexchanges and details of off-market transactions of such shareholders for a period oftwo years and furnish the information to the merchant banker for carrying out due-diligence ;(iv) obtain further details in terms of sub-regulation (1D) of regulation 8 and furnishthe information to the merchant banker.(1B) The board of directors of the company while approving the proposal fordelisting shall certify that :2018, .8(i) the company is in compliance with the applicable provisions of securitieslaws;(ii) the acquirer or promoter or promoter group or their related entities, are incompliance with sub-regulation (5) of regulation 4;(iii) the delisting is in the interest of the shareholders .(1C) For certification in respect of matters referred to in sub-regulation (1B), the board of directors of the company shall take into account the report of the merchant banker as specified in sub-regulation (1E) of regulation 8.(1D) The merchant banker appointed by the board of directors of the company underclause (ii) of sub-regulation (1A) shall carry out due-diligence upon obtaining detailsfrom the board of directors of the company in terms of clause (iii) of sub-regulation(1A) of regulation 8Provided that if the merchant banker is of the opinion that details referred to inclause (iii) of sub-regulation (1A) of regulation 8 are not sufficient for certification interms of sub-regulation (1E) of regulation 8, he shall obtain additional details fromthe board of directors of the company for such longer period as he may deem fit.(1E) Upon carrying out due-diligence as specified in terms of sub-regulation (1D) ofregulation 8, the merchant banker shall submit a report to the board of directors ofthe company certifying the following:(a) the trading carried out by 19[any of the acquirer or promoter or promoter groupentity] or their related entities was in compliance or not, with the applicableprovisions of the securities laws; and20[(b) any of the acquirer or promoter or promoter group entity or persons acting inconcert or their related entities have carried out or not any transaction to facilitate thesuccess of the delisting offer which is in contravention of the provisions of sub-regulation (5) of regulation 4.]] |
| 8 (2) An application seeking in-principle approval for delisting under clause (c) of sub- regulation (1) shall be accompanied by an audit report as required under regulation SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, . 20 Substituted by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, . Prior to the same, the clause read as follows: (b) entities belonging to acquirer or promoter or promoter group or their related entities have carriedout or not, any transaction to facilitate the success of the delisting offer which is not in compliance withthe provisions of sub-regulation (5) of regulation 4. 955A of the Securities and Exchange Board of India (Depositories and Participants)Regulations, 1996 in respect of the equity shares sought to be delisted, covering aperiod of six months prior to the date of the application. |
| 8 (3) An application seeking in-principle approval for delisting shall be disposed of by the recognised stock exchange within a period not exceeding 21[five] working days from the date of receipt of such application complete in all respects. |
| 8 (4) While considering an application seeking in-principle approval for delisting, the recognised stock exchange shall not unfairly withhold such application, but may require the company to satisfy it as to -(a) compliance with clause (b) of sub-regulation (1);(b) the resolution of investor grievances by the company ;(c) payment of listing fees to that recognised stock exchange;(d) the compliance with any condition of the 22[Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations, 2015] with thatrecognised stock exchange having a material bearing on the interests of its equity shareholders ;(e) any litigation or action pending against the company pertaining to its activities inthe securities market or any other matter having a material bearing on the interestsof its equity shareholders ; |
| 9 The provisions of this Chapter shall apply to any delisting sought to be made under regulation 5 or under clause (b) of regulation 6. 2015, . Amendment) Regulations, 2018, 10 |
| 10 (1) The 23[acquirers or] promoters of the company shall within one working day from the date of 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. |
| 10 (2) The public announcement shall contain all material information including the information specified in Schedule I and shall not contain any false or misleadingstatement. |
| 10 (3) The public announcement shall also specify a date, being a day not later than 25[one working day] 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. |
| 10 (4) Before making the public announcement, the 26[acquirer or] promoter shall appoint a merchant banker registered with the Board and such other intermediaries as are considered necessary. company may also act as the manager to the delisting offer.] |
| 10 (5) It shall be the responsibility of the 28[acquirer/promoter] and the merchant banker to ensure compliance with the provisions of this Chapter. |
| 10 (6) No 29[acquirer/promoter] shall appoint any person as a merchant banker under sub-regulation (4) if such a person is an associate of the 30[acquirer/promoter]. |
| 10 (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 |
| 11 (1) Before making the public announcement under regulation 10, the 32[acquirer or] promoter shall open an escrow account and deposit therein the total estimated amount of consideration calculated on the basis of floor price and number of equity shares outstanding with public shareholders. |
| 11 (2) On determination of final price and making of public announcement under regulation 18 accepting the final price, the 33[acquirer or] promoter shall forthwith deposit in the escrow account such additional sum as may be sufficient to make up the entire sum due and payable as consideration in respect of equity shares outstanding with public shareholders. |
| 11 (3) The escrow account shall consist of either cash deposited with a scheduled commercial bank, or a bank guarantee in favour of the merchant banker, or a combination of both. an interest bearing account, provided that the merchant banker ensures that the funds are available at the time of making payment to shareholders.] |
| 11 (4) Where the escrow account consists of deposit with a scheduled commercial bank, the promoter shall, while opening the account, empower the merchant banker to instruct the bank to issue banker s cheques or demand drafts for the amount lying to the credit of the escrow account, for the purposes mentioned in these regulations, and the amount in such deposit, if any, remaining after full payment of consideration for equity shares tendered in the offer and those tendered under sub-regulation (1) of regulation 21 shall be released to thepromoter. |
| 11 (5) Where the escrow account consists of a bank guarantee, such bank guarantee |
| 12 (1) The 35[acquirer or] promoter shall despatch the letter of offer to the public shareholders of equity shares, not later than 36[two] working days from the date of the public announcement . |
| 12 (2) The letter of offer shall be sent to all public shareholders holding equity shares of the class sought to be delisted whose names appear on the register of the company or depository as on the date specified in the public announcement under sub- regulation (3) of regulation 10. |
| 12 (3) The letter of offer shall contain all the disclosures made in the public announcement and such other disclosures as may be necessary for the shareholders to take an informed decision . |
| 12 (4) The letter of offer shall be accompanied with a bidding form for use of public shareholders and a form to be used by them for tendering shares under sub- regulation (1) of regulation 21. and make bids even if he does not receive the bidding form or the tender offer /offer form and such shareholder may tender shares in the manner specified by the Board in this regard.] |
| 13 (1) The date of opening of the offer shall not be later than 39[seven] working days from the date of the public announcement. 40[(1A) The acquirer or promoter shall facilitate tendering of shares by the shareholders and settlement of the same, through the stock exchange mechanism as specified by the Board.] 35 Ibid |
| 14 11.2018. Regulations, 2018, . 6 nationwide trading terminals means the Bombay Stock Exchange Limited, the National Stock Exchange of India Limited or any other recognised stock exchange which may be specified by the Board in this regard. |
| 15 (1) The offer price shall be determined through book building in the manner specified in Schedule II, after fixation of floor price under sub-regulation (2) and disclosure of the same in the public announcement and the letter of offer. |
| 15 (2) The floor price shall be determined in terms of regulation 8 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) |
| 16 (1) The 49[acquirer or] promoter shall not be bound to accept the equity shares at the offer price determined by the book building process. (1A) If the price discovered in terms of regulation 15 is not acceptable to the acquirer or the promoter, the acquirer or the promoter may make a counter offer to the public shareholders within two working days of the price discovered under regulation 15, in the manner specified by the Board from time to time: Provided that the counter offer price shall not be less than the book value of the company as certified by the merchant banker.] |
| 16 (2) Where the 51[acquirer or] promoter decides not to accept the offer price so determined,-(a) the 52[acquirer or] promoter shall not acquire any equity shares tendered pursuantto the offer and the equity shares deposited or pledged by a shareholder pursuant to53[clauses] 7 or 9 of Schedule II shall be returned or released to him within tenworking days of closure of the bidding period;(b) the company shall not make the final application to the exchange for delisting ofthe equity shares;(c) the 54[acquirer or] promoter may close the escrow account opened underregulation 11; and, |
| 17 17.58[(1)]59[**]60[If a counter offer has not been made by the acquirer or promoter in accordance with regulation 16(1A), an] offer made under chapter III shall be deemed to be successful only if,-(a) the post offer promoter shareholding (along with the persons acting in concertwith the promoter) taken together with the shares accepted through eligible bids atthe final price determined as per Schedule II, reaches ninety per cent. of the totalissued shares of that class excluding the shares which are held by a custodian andagainst which depository receipts have been issued overseas; and(b) at least twenty five per cent of the public shareholders holding shares in thedemat mode as on date of the board meeting referred to in sub-regulation (1B) ofregulation 8 had participated in the Book Building Process:Provided that 61[the requirement under clause (b) of sub-regulation (1)] shall not beapplicable to cases where the acquirer and the merchant banker demonstrate to thestock exchanges that they have delivered the letter of offer to all the publicshareholders either through registered post or speed post or courier or hand deliverywith proof of delivery or through email as a text or as an attachment to email oras a notification providing electronic link or Uniform Resource Locator including a |
| 201 5 56 Ibid. |
| 18 Within 65[five] working days of 66[the] closure of the offer, the 67[promoter/acquirer] and the merchant banker shall make a public announcement in the same newspapers in which the public announcement under sub - regulation (1) of regulation 10 was made regarding:-(i) the success of the offer in terms of regulation 17 Along with the final priceaccepted by the acquirer; or(ii) the failure of the offer in terms of regulation 19; or |
| 19 (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. |
| 19 (2) Where the offer fails (a) the equity shares deposited or pledged by a shareholder under paragraphs 7 or 9of Schedule II shall be returned or released to him within ten working days from theend of the bidding period;69[Provided that the acquirer shall not be required to return the shares if the offer ismade pursuant to regulation 5A of Securities and Exchange Board of India(Substantial Acquisition of Shares and Takeovers) Regulations, 2011.](b) no final application shall be made to the exchange for delisting of the equityshares; and(c) the escrow account opened under regulation 11 shall be closed. |
| 20 (1) The promoter shall immediately 70[upon] success of the offer, open a special account with a banker to an issue registered with the Board and transfer thereto, the |
| 21 (1) Where, pursuant to acceptance of equity shares tendered in terms of these regulations, the equity shares are delisted, any remaining public shareholder holding such equity shares may tender his shares to the promoter upto a period of 71[minimum] one year from the date of delisting and, in such a case, the promoter shall accept the shares tendered at the same final price at which the earlier acceptance of shares was made. |
| 21 (2) The payment of consideration for shares accepted under sub-regulation (1) shall be made out of the balance amount lying in the escrow account. |
| 21 (3) The amount in the escrow account or the bank guarantee shall not be released to the promoter unless all payments are made in respect of shares tendered under sub- |
| 22 (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 Amendment) Regulations, 2018, . 71 Substituted ibid for the words atleast . 19 shall be made under this sub regulation unless the company concerned has been given a reasonable opportunity of being heard. |
| 22 (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 . |
| 22 (3) Before 72[passing] 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 andwebsite. |
| 22 (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. |
| 22 (5) The provisions of Chapter IV shall not be applicable to a compulsory delisting made by a recognised stock exchange under this Chapter. |
| 22 (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 andone regional language newspaper of the region where the concerned recognisedstock exchange is located, of the fact of such delisting, disclosing therein the nameand address of the company, the fair value of the delisted equity shares determinedunder sub-regulation (1) of regulation 23 and the names and addresses of thepromoters of the company who would be liable under sub-regulation (3) of regulation23; andRegulations, 2018, .20 |
| 23 74[(1)] The recognised stock exchange shall form a panel of expert valuers from whom the valuer or valuers shall be appointed for purposes of 75[sub-regulation (2)]. 76[2] Where equity shares of a company are delisted by a recognised stock exchange under this Chapter, the recognised stock exchange shall appoint an independent valuer or valuers who shall determine the fair value of the delisted equity shares. |
| 23 (3)The promoter of the company shall acquire delisted equity shares from the publicshareholders by paying them the value determined by the valuer 77[within threemonths of the date of delisting from the recognised stock exchange ], subject to their(a) valuer means a chartered accountant within the meaning of clause (b) of section2 of the Chartered Accountants Act, 1949 (38 of 1949), who has undergone peerreview as specified by the Institute of Chartered Accountants of India constitutedunder that Act, or a merchant banker appointed to determine the value of thedelisted equity shares;(b) value of the delisted equity shares shall be determined by the valuer havingregard to the factors mentioned in regulation 15 . |
| 24 78[(1)]Where a company has been compulsorily delisted under this Chapter, the company , its whole time directors, its promoters and the companies which are promoted by any of them shall not directly or indirectly access the securities market (Second Amendment) Regulations, 2018, . 74 Renumbered ibid. (Second Amendment) Regulations, 2018, . |
| 14 11.2018. 21 or seek listing for any equity shares for a period of ten years from the date of suchdelisting. |
| 14 (2) In case of such companies whose fair value is positive -(a)such a company and the depositories shall not effect transfer, by way of sale,pledge, etc., of any of the equity shares held by the promoters/ promoter group andthe corporate benefits like dividend, rights, bonus shares, split, etc. shall be frozenfor all the equity shares held by the promoters/ promoter group, till the promoters ofsuch company provide an exit option to the public shareholders in compliance withsub-regulation (3) of regulation 23, as certified by the concerned recognized stockexchange;(b)the promoters and whole-time directors of the compulsorily delisted companyshall also not be eligible to become directors of any listed company till the exit option |
| 25 In order to remove any difficulties in the application or interpretation of these regulations, the Board may issue clarifications and guidelines 80[from time to time]. |
| 25A (1) The Board may for reasons recorded in writing, grant relaxation from strict enforcement of any of the requirements of these regulations, if the Board is satisfied that the relaxation is in the interests of investors in securities and the securities market . |
| 25A (2) For seeking exemption under sub-regulation (1), the promoter or the acquirer or the company shall file an application with the Board , supported by a duly sworn 79 Inserted ibid. |
| 26 Without prejudice to provisions of the Act and those of the Securities Contracts (Regulation) Act , 1956 (42 of 1956), the Board may in case of any violation of these regulations and in the interests of the investors and the securities market give such directions as it deems fit. |
| 27 85[(1) Equity shares of a company may be delisted from all the recognised stock exchanges where they are listed, without following the procedure in Chapter IV, if : Provided that the Board shall, either before or after passing such orders, give an opportunity of |
| 28 (1) In case of winding up proceedings of a company whose equity shares are listed on a recognised stock exchange, the rights, if any, of the shareholders of such company shall be in accordance with the laws applicable to those proceedings. |
| 28 (2) Where the Board withdraws recognition granted to a stock exchange or refuses renewal of recognition to it, the Board may, in the interest of investors pass appropriate order in respect of the status of equity shares of the companies listed on that exchange. |
| 28A (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation in technological aspects relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets . |
| 28A (2) Any exemption granted by the Board under sub-regulation (1) shall be subject to the applicant satisfying such conditions as may be specified by the Board including conditions to be complied with on a continuous basis. live testing environment where new products, processes, services, business models,etc. may be deployed on a limited set of eligible customers for a specified period oftime, for furthering innovation in the securities market , subject to such conditions as |
| 29 The respective recognised stock exchanges shall comply with and monitor compliance with the provisions of these regulations and shall report to the Board any instance of non-compliance which comes to their notice. |
| 30 (1) No application for listing shall be made in respect of any equity shares,(a) which have been delisted under Chapter III or under Chapter VII (exceptregulation 27), for a period of five years from the delisting;(b) which have been delisted under Chapter V, for a period of ten years from thedelisting. |
| 30 (2) Notwithstanding anything contained in sub-regulation (1), an application for listing of delisted equity shares may be made where a recommendation in this regard has 26 been made by the Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985. 92[(2A) Notwithstanding anything contained in sub-regulation (1), an application for listing of delisted equity shares may be made in respect of a company which has undergone corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 201([No. 31 of 2016)] |
| 30 (3) While considering an application for listing of any equity shares which had been delisted the recognised stock exchange shall have due regard to facts and circumstances under which de listing was made. |
| 30 (4) An application for listing made in respect of delisted equity shares shall be |
| 31 (1) Anything done or omitted to be done or any right, privilege, obligation or liability acquired or accrued or incurred under Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 prior to the commencement of these regulations shall be governed by said guidelines. |
| 31 (2) Any proposal for delisting made by company or any promoter or acquirer who wanted to delist securities of the company, prior to commencement of these regulations and where the offer price has not been determined in terms of sub- regulation (1) of regulation 15 as on the date of such commencement, shall be proceeded with under the 95[Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, as amended from time to time]. |
| 31 (3) The remaining procedures in respect of an exit opportunity already completed or an exit opportunity initiated but not completed under the Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 prior to commencement of Regulations, 2018 . |