Financial Daily from THE HINDU group of publications
Friday, Apr 09, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 09, 2004 |
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Corporate
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Stocks Markets - Regulatory Bodies & Rulings Draft norms on delisting made public Our Bureau
Mumbai , April 8 THE Securities and Exchange Board of India is seeking to delist the shares of companies where public shareholding in a company falls below the minimum level specified in the listing agreement. This is part of the draft report of the Securities and Exchange Board of India (Delisting of Securities) regulations, 2004 made public by SEBI. The report, now put up for public comments, states that delisting would not be granted if it is pursuant to a buyback of securities by the company or a preferential allotment made by it. SEBI has also specified that securities that have not been listed for a period less than three years cannot be de-listed. There is also a restriction on delisting securities where any convertible instruments issued by the company are outstanding. Promoters are required to make a public announcement through English, Hindi and regional language dailies, with wide circulations, and specify the date of delisting which should not be more than 30 days after the public announcement. The promoter, acquirer and merchant banker are responsible for this, clarifies the report.
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