Regulation 21 - Right of remaining shareholders to tender equity shares - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Right of remaining shareholders to tender equity shares 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 1 [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. (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. (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-regulation (1). *********** 1 Substituted ibid for the words atleast .