Critically examine the following: (b) Delisting is not permissible under certain circumstances.

Delisting of securities is not permissible under the following circumstances: In case of a buy-back of equity shares by the company; or In case of a preferential allotment made by the company; or Unless a period of three years has elapsed since the listing of that class of equity shares on any recognised stock exchange; or If instruments which are convertible into the same class of equity shares that are sought to be delisted are outstanding. No promoter or promoter group shall propose delisting of equity shares of a company if any entity belonging to the promoter or promoter group has sold equity shares of the company during a period of six months prior to the date of the Board meeting in which the delisting proposal was approved. Delisting of convertible securities. No promoter shall directly or indirectly employ the funds of the company to finance an exit opportunity or an acquisition of shares made pursuant to be provided under the SEBI Delisting Regulations. No acquirer or promoter or promoter group or their related entities shall: Employ any device, scheme, or artifice to defraud any shareholder or other person; or Engage in any transaction or practice that operates as a fraud or deceit upon any shareholder or other person; or Engage in any act or practice that is fraudulent, deceptive, or manipulative in connection with such delisting.