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 norms, according to Sebi.
The clarification has been provided in the latest set of Frequently Asked Questions (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.
In this regard, the regulator has also made a reference to a Securities Appellate Tribunal’s order in November 2011.