Lawgist21ADelisting of securities
1[21A. Delisting of securities.--(1) A recognised stock exchange may delist the securities, after recording the reasons therefor, from any recognised stock exchange on any of the ground or grounds as may be prescribed under this Act:
Provided that the securities of a company shall not be delisted unless the company concerned has been given a reasonable opportunity of being heard.
(2) A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal against the decision of the recognised stock exchange delisting the securities within fifteen days from the date of the decision of the recognised stock exchange delisting the securities and the provisions of sections 22B to 22E of this Act, shall apply, as far as may be, to such appeals:
Provided that the Securities Appellate Tribunal may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month.]
Download our fully-offline, High speed android app.- Click here
1. Ins. by Act 1 of 2005, s. 8 (w.e.f. 12-10-2004).
- 21 Conditions for listing
- 21A Delisting of securities
- 22 Right of appeal against refusal by stock exchanges to list securities of public companies
- 22A Right of appeal to Securities Appellate Tribunal against refusal of stock exchange to list securities of public companies
- 22B Procedure and powers of Securities Appellate tribunal
- 22C Right to legal representation
- 22D Limitation
- 22E Civil Court not to have jurisdiction
- 22F Appeal to High Court
