Liston (CS) (96 Points)
11 March 2010Dear all,
According to Reg:4(1)(b) of SEBI(Delisting of Equity Shares)Reg,2009 no company shall apply for delisting.
My question is whether the share warrants issued under section 81(1A) of the companies act,1956 and pending for conversion will comes under this Regulation4(1) (b). Kindly advise as the matter is most urgent.
Ankur Garg
(Company Secretary and Compliance Officer)
(114783 Points)
Replied 11 March 2010
Hello,
These delisting guidelines are applicable for the delisting of the company from the stock exchange. As far as your warrants are concerned there is no connection at all.
As per the regulation 75 of SEBI (ICDR) Regulation 2009 tenure of the convertible security of the issuer (In your case warrants) shall not exceed 18 month from the date of their allotment.
Your warrants shall lapse automatically after 18 months of allotment if you failed to convert them within time limit.
Regards
Liston
(CS)
(96 Points)
Replied 11 March 2010
CAclubindia
