Priya Sharma (Company Secretary & Student.MBA) (998 Points)
05 February 2011Deart Professionals
One of the Company is proposing to delist its shares from the stock exchange(s).
MY query is do we need to give any prior notice to the said stock exchange(s) before intiating any proceedings of the delisting.
Its a bit urgent.
Regards
Priya
Bijoy N.Momaya
(www.RupeeResearch.com (Eqty Advisory & Stock Broker))
(477 Points)
Replied 05 February 2011
Yes, the company needs to inform the Exchange Boards & The SEBI. Before that... the company needs to get approval from Share Holders and each approval is to be on paper which is to be submitted to various parties like Exchange Boards, Company Law Boards, SEBI, Banks and other parties mentioned in Delisting Norms.
SANTOSH SHAH
(Company Secretary)
(754 Points)
Replied 05 February 2011
| Originally posted by : Priya Sharma | ||
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Deart Professionals One of the Company is proposing to delist its shares from the stock exchange(s). MY query is do we need to give any prior notice to the said stock exchange(s) before intiating any proceedings of the delisting. Its a bit urgent. Regards Priya |
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Hi Priya
You need to intimate the Exchange immediately after the board meeting and also send copy of notice of general meeting. Please find the relevant document on that for your reference.
Ref : /forum/details.asp?quote=625272&mod_id=126196#reply
regards
Santosh Shah
Priya Sharma
(Company Secretary & Student.MBA)
(998 Points)
Replied 05 February 2011
Dear Santosh
kindly check the file that you have uploaded .....its very old....the procedure for delisting that you have sent does not hold good after the intoduction of Regulation 2009. What you have uploaded was covered under Delisting Regulation 2003, which is overuled by the new Delisting regulations 2009.
The file says that you need to pass a special reslution for shareholders approval and there is no need to have postal ballot, which is totally wrong.
Kindly dont use the file, as it is not updated and may misguide you.
Regards
Priya
| Originally posted by : Priya Sharma | ||
|
|
Deart Professionals One of the Company is proposing to delist its shares from the stock exchange(s). MY query is do we need to give any prior notice to the said stock exchange(s) before intiating any proceedings of the delisting. Its a bit urgent. Regards Priya |
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SANTOSH SHAH
(Company Secretary)
(754 Points)
Replied 05 February 2011
| Originally posted by : Priya Sharma | ||
|
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Dear Santosh kindly check the file that you have uploaded .....its very old....the procedure for delisting that you have sent does not hold good after the intoduction of Regulation 2009. What you have uploaded was covered under Delisting Regulation 2003, which is overuled by the new Delisting regulations 2009. The file says that you need to pass a special reslution for shareholders approval and there is no need to have postal ballot, which is totally wrong. Kindly dont use the file, as it is not updated and may misguide you. Regards Priya Originally posted by : Priya Sharma Deart Professionals One of the Company is proposing to delist its shares from the stock exchange(s). MY query is do we need to give any prior notice to the said stock exchange(s) before intiating any proceedings of the delisting. Its a bit urgent. Regards Priya |
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Hi Priya,
Appologies. The file should had been for 2009.
Taken Note. Thank you.
Approval of Shareholders is required through Postal Ballot where there is exit opportunity.
Thanks,
Santosh Shah
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