| S. No |
Criteria |
Compulsory Delisting |
Voluntary Delisting from all the Exchange(s) |
| 1. |
Applicable Regulations |
Regulations 22 to 24 |
Regulations 5 to 21 |
| 2. |
Initiative Action |
Any Recognized Stock Exchange makes an order to delist the equity shares of a company. |
Any Company can voluntarily apply to the concerned stock exchange(s) for delisting. |
| 3. |
Grounds |
Delisting order can be made on the non-fulfillment of the listing regulations of the respective exchange and on any other ground prescribed in the rules made under section 21A of SCRA, 1956. |
The Company either for cost benefit, or to comply with any of the rules and regulations etc may seek delisting from any of the exchange. |
| 4. |
Public Notice |
Public Notice in this case be given by the Exchange |
Public notice and all announcements be given by the Promoters of the company. |
| 5. |
Approvals |
The Panel of Experts has to take the decision after giving a reasonable opportunity of being heard to all the persons who may be aggrieved by the Delisting of the company. |
The Company seeking voluntary delisting shall take the approval of the concerned stock exchange(s) and also of public shareholders. |
| 6. |
General Meeting of the shareholders |
No need of the General meeting of the shareholders |
Shareholders resolution to be passed through Postal ballot. |
| 7. |
Appointment of Merchant Banker |
The complete process is monitored by the Panel of Experts |
The complete process is monitored by the Merchant Bankers |
| 8. |
Exit Price |
To be calculated by the Independent valuer at which the Promoter should take the shares from the Public shareholders. |
The price to be determined on the basis of the past trading data or book values of the company by the promoters in consultation by the Merchant Banker |
| 9. |
Reverse Book Building process |
No bids are invited from the Shareholders for determination of the Final Price |
Complete process of Reverse Book Building is to be completed for determination of the Final Price. |
| 10. |
Debarred from the securities market |
The company/ Promoters/Directors are debarred from the securities market for a period of 10 years |
The company can not relist its securities for a period of 5 years. |
