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Comparison between Voluntary and Compulsory Delisting

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.


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