Promoters of small companies who get written consent from at least 90 per cent of the public shareholders to delist shares will be considered to have complied with the delisting nor-ms, according to Sebi.
The clarification has been provided in the latest set of FAQs on Sebi (Delisting of Equity Shares) Regulations, 2009.
“The promoter of a small company would be considered to have complied with the condition under regulation 27(3)(d), if the public shareholders, irrespective of their numbers, holding 90 per cent or more of the public shareholding give their positive consent in writing to the proposal for delisting,” Sebi said.
These rules apply to voluntary delisting of small companies, entities having a paid up capital of less than Rs 10 crore and net worth below Rs 25 crore. These firms are not required to follow the reverse book building process subject to conditions.
