Regulation 7 - Procedure for delisting where no exit opportunity is required - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Procedure for delisting where no exit opportunity is required 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 directors of the company in its meeting; (b) the company shall give a public notice of the proposed delisting 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 exchanges are located; (c) the company shall make an application to the concerned recognised stock exchange 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. (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. (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 working days from the date of receipt of such application complete in all respects.