THE GAZETTE OF INDIA
EXTRAORDINARY
PART -III – SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, JANUARY 12, 2016
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 12th of January, 2016
SECURITIES AND EXCHANGE BOARD OF INDIA(DELISTING OF EQUITY SHARES)(AMENDMENT) REGULATIONS, 2016
No. SEBI/LAD-NRO/GN/2015-16/30. -In exercise of the powers conferred by section 31 read with section 21A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), section 30, sub-section (1) of section 11 and sub-section (2) of section 11A of the Securities and Exchange Board of India Act, 1992 (15 of 1992),the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, namely:-
1. These regulations may be called the Securities and Exchange Board of India (Delisting of Equity Shares) (Amendment) Regulations, 2016.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009,-
(I) in regulation 27, in sub-regulation (1), for clause (b), the following shall be substituted, namely-
“(b) the number of equity shares of the company traded on each such recognised stock exchange during the twelve calendar months immediately preceding the date of board meeting referred to in sub-regulation (1B) of regulation 8 is less than ten per cent of the total number of shares of such company:
Provided that where the share capital of a particular class of shares of the company is not identical throughout such period, the weighted average of the shares of such class shall represent the total number of shares of such class of shares of the company; and”
(II) in regulation 27, in sub-regulation (3), for clause (b), the following shall be substituted, namely-
“(b) the exit price offered to the public shareholders shall not be less than the floor price determined in terms of sub-regulation (2) of regulation 15 of these regulations read with clause (e) of sub-regulation (2) of regulation 8 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;”
U.K. SINHA
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA
Footnote:
2. The Principal Regulations were subsequently amended on:
Suppose a comapany give a exit offer under compulsory delisting and the open period of exit offer is one year
What if all the shareholder do note come in exit offer
who to entertain him after exit offer.