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TMI BlogConditions and procedure for delisting where exit opportunity is requiredX X X X Extracts X X X X X X X X Extracts X X X X ..... in relation to such resolution: Provided that the special resolution shall be acted upon 1 [***] only if the votes cast by public shareholders in favour of the proposal amount to at least two times the number of votes cast by public shareholders against it. (c) make an application to the concerned recognised stock exchange for in-principle approval of the proposed delisting in the form specified by the recognised stock exchange; 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 stock exchange: Provided that in pursuance of special resolution as referred to in clause (b), passed before the commencement of these regulations, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iance 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 under clause (ii) of sub-regulation (1A) shall carry out due-diligence upon obtaining details from the board of directors of the company in terms of clause (iii) of sub-regulation (1A) of regulation 8 Provided that if the merchant banker is of the opinion that details referred to in clause (iii) of sub-regulation (1A) of regulation 8 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such application complete in all respects. (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 6 [Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015] with that recognised stock exchange having a material bearing on the interests of its equity shareholders; (e) any litigation or action pending against the company ..... X X X X Extracts X X X X X X X X Extracts X X X X
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