Roshnek Dhalla
Roshnek Dhalla is a Partner in the Corporate and Commercial Practice Group at the firm's Mumbai office. Prior to joining the Firm, Roshnek was a Partner at Little & Co., Mumbai.
Corporate and Commercial
key
corporate_and_commercial
URL
/expertise/corporate-and-commercial
SEBI Introduces New Rules for Delisting Offers
On 10 June 2021, SEBI introduced the SEBI (Delisting of Equity Shares) Regulations, 2021 (Delisting Regulations) which have now completely replaced the erstwhile regulations from 2009. A revamp of the delisting regime was imminent, and SEBI has sought to plug certain legal ambiguities and practical challenges that plagued the earlier regulations. This Ergo analyses certain key considerations and process involved in a voluntary delisting of equity shares of a company under the new Delisting Regulations.
Special Provisions for Delisting a Listed Subsidiary Company of a Listed Holding Company through a Scheme of Arrangement
The Securities and Exchange Board of India (SEBI) has on 11 June 2021, repealed the SEBI (Delisting of Equity Shares) Regulations, 2009 (Erstwhile Delisting Regulations) and notified the SEBI (Delisting of Equity Shares) Regulations, 2021 (Delisting Regulations 2021). As per Regulation 37 of the Delisting Regulations 2021, the equity shares of a listed subsidiary company (Listed Sub Co) of a listed holding company (Listed Hold Co) may be delisted from the stock exchanges, pursuant to a scheme of arrangement under Sections 230 to 232 of the Companies Act, 2013 (Act).