Regulation 10 - Public announcement - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Public announcement 10. (1) The 1 [acquirers or] promoters of the company shall 2 [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. (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 3 [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. (4) Before making the public announcement, the 4 [acquirer or] promoter shall appoint a merchant banker registered with the Board and such other intermediaries as are considered necessary. 5 [Explanation. - The merchant banker conducting due diligence on behalf of the company may also act as the manager to the delisting offer.] (5) It shall be the responsibility of the 6 [acquirer/promoter] and the merchant banker to ensure compliance with the provisions of this Chapter. (6) No 7 [acquirer/promoter] shall appoint any person as a merchant banker under sub-regulation (4) if such a person is an associate of the 8 [acquirer/promoter]. 9 [(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.] ******** 1 Inserted by SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015. 2 Substituted for word upon by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015. 3 Substituted for the words thirty working days by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, w.e.f. 14.11.2018 4 Inserted by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015. 5 Inserted by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, w.e.f. 14.11.2018. 6 Substituted for word promoter by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015. 7 Ibid 8 Ibid 9 Inserted by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015.