ABC Ltd. intends to delist its shares from Delhi Stock Exchange for which the company has made required public announcement. Surewin Ltd., substantial shareholder in the said Company, made a counter offer. Apprise the Bo

For the purpose of delisting of shares in a stock exchange the provisions of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 need to be complied with. In the public announcement made pursuant to regulations 3, 4 or 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the acquirer need to publish intention of delisting. In case approval of shareholders could not be obtained for delisting or offer for sale is not accepted by the shareholders as per the threshold limits under Regulation 17 of the Delisting Regulations or the acquirer rejected the discovered price - such failures need to be publicly announced by the acquirer. In case any counter offer is made, the acquirer is not entitled to delist and not liable to pay any interest for delay due to counter offer but is required to make a public announcement in newspapers within 2 working days.