SEBI:Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies pending fulfillment of Exit offers to shareholders:
7 September 2016

Section 21A of SCRA, 1956 read with Rule 21 of SCRR, 1957 and Chapter V of SEBI Delisting Regulations provides a recognized stock exchange may compulsorily delist the equity shares of a listed company on certain grounds. Regulation 24 of Delisting Regulations- the company which has been compulsorily delisted, its whole-time directors and its promoters are restrained from accessing the securities market. Regulation 23(3)- the promoter shall acquire delisted equity shares from the public shareholders, subject to their option of retaining equity shares by paying them fair value as determined by an independent valuer. Circular No.-SEBI/HO/CFD/DCR/CIR/P/2016/81

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