Presently, the Company’s public shareholders hold 26,172,715 equity shares of Rs 5 each representing 25.60% of the equity shares of the company.
The Promoter has requested the Board of the Company to: (a) approve the Delisting Proposal; and (b) seek the requisite approval of the Delisting Proposal from the shareholders of the Company through a postal ballot in accordance with applicable laws, rules and regulations.
As per SEBI Delisting Regulations, the proposal of delisting is required to be approved by the Board of Directors after receipt of a due diligence report from a category I merchant banker appointed by the Company for the said purpose.
Polaris Consulting & Services Ltd has informed BSE that a meeting of the Board of Directors of the Company has been scheduled to be held on October 31, 2017, inter alia, to consider:
1. Appointment of SEBI registered Merchant Banker for carrying out due diligence as required in terms of Regulation 8(1A) (ii) of the SEBI Delisting Regulations.
2. To obtain from Registrar and Transfer Agent details of trading in the shares of the Company for a period of two years by the top 25 shareholders along with details of off-market transactions of such shareholders for a period of two years and to obtain any other details as may be required by the Merchant Banker for carrying out due diligence as required in terms of Regulation 8(1A) (ii) and 8(1D) of the SEBI Delisting Regulations.
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