Regulation 12 - In-principle approval of the stock exchange - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

In-principle approval of the stock exchange 12. (1) The company shall make an application to the relevant recognised stock exchange for in-principle approval of the proposed delisting of its equity shares in the Form specified by the recognised stock exchange from time to time, not later than fifteen working days from the date of passing of the special resolution or receipt of any other statutory or regulatory approval, whichever is later. (2) The application seeking in-principle approval for the delisting of equity shares shall be accompanied by an audit report as required under regulation 76 of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 in respect of the equity shares sought to be delisted, covering a period of six months prior to the date of the application. (3) Such application seeking in-principle approval for the delisting of the equity shares shall be disposed of by the recognised stock exchange within a period not exceeding, fifteen working days from the date of receipt of such application that is complete in all respects. (4) The recognised stock exchange shall not unfairly withhold such an application, but may require the company to satisfy or inform it as regards - (a) compliance with regulations 10 and 11 of these regulations; (b) resolution of investor grievances by the company; (c) payment of listing fees due to the recognised stock exchange; (d) compliance with any provision of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time, that has a material bearing on the interests of its equity shareholders; (e) any litigation or action pending against the company pertaining to its activities in the securities market or any other matter having a material bearing on the interests of its equity shareholders; (f) any other relevant matter as it may deem fit.