​Delisting of Shares

Recently, an investor in Reliance Capital Ltd (RCL), which has been facing insolvency proceedings, has challenged certain regulations of SEBI’s delisting norms and a recent National Company Law Tribunal’s (NCLT) approval of a resolution plan for the company.

  • The petitioner has challenged the vires of Regulation 3(2)(b)(i) of the SEBI (delisting of Equity Shares) Regulations, 2021 (Delisting Regulations).
  • Regulation 3(2)(b)(i) that exempt the applicability of Delisting Regulations to the delisting of equity shares of a listed company made as per a resolution plan approved under Section 31 of the Insolvency Code, if such plan provides for the delisting of such shares.

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