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Rule 5 of the Securities and Exchange Commission of Sri Lanka Rules, 2001 specifies the matters pertain to delisting of securities by a listed company.
The above Rule Reads as follows: 1.Where any listed company wish to delist its securities from the official list of the licensed stock exchange in which such company is listed, it shall, having informed in writing of its decision to the security holders and the licensed stock exchange, forward an application to the Commission within two weeks of passing of the resolution referred to in paragraph (2)(a) of this Rule in the case of delisting its equity from the official list and in the case of any other security other than equity, within two weeks from the date the Board of such company resolved to delist its securities from the official list.
2.An application made to the Commission under paragraph (1) shall be accompanied by- a.In the case of delisting of equity from the official list, a copy of a resolution passed by not less than seventy five per centum of the shareholders present at such meeting approving the delisting and the price at which the directors of the company has arranged to buy the securities of any shareholder who wishes to sell their securities;
b.A list containing the names of all security holders as at the date of making the application, together with (their addresses and security holdings, certified by the Secretary of the Company;
c.Copies of the audited or certified accounts and balance sheet of such company for the three years preceding the making of such application;
d.In the case of delisting of equity from the official list, copies of press notices published in all three languages informing the general public of the resolution to delist as referred to in sub paragraph (a), and in the case of delisting any other security other than equity, copies of press notices published in all three languages informing the general public that the Board of the Company has resolved to delist.
3.Any person aggrieved by the resolution of a board of a company to delist its securities or in the case of delisting of equity, by the resolution of the shareholders of a company to delist its securities may appeal against such shareholders of a company to delist its securities may appeal against such resolution to the commission, within fourteen days of the passing of the resolution concerned.
4.Upon the receipt of the written information pertaining to the delisting of securities from the stock exchange, the stock exchange shall immediately take steps to suspend the trading of the securities of the applicant company, until the Commission makes its decision on the application made to it.
5.a.On receipt of an application made under paragraph (1), the Commission shall immediately call for any recommendations or observations as the case may be, on such application, from the licensed stock exchange in which the applicant company is listed, and a list containing the number of transactions and the volume and prices of securities transacted during the twelve months preceding the making of application.
b.It shall be the duty of a licensed stock exchange to submit the information requested for under paragraph (a), within ten days of being so requested by the Commission.
6.The Commission, having considered the application together with any recommendations or observations as the case may be, made by the licensed stock exchange, and where it considers it necessary, having given the applicant an opportunity of being heard shall, within twenty one days of the receipt of such application, inform the applicant of its decision.
7.In the case of delisting equity from the official list, the licensed stock exchange shall, after having satisfied the successful completion of the sale of securities of the shareholders who wish to sell their securities, inform the Commission and obtain its approval before the removal of such company from its official list.
The above Rule Reads as follows: 1.Where any listed company wish to delist its securities from the official list of the licensed stock exchange in which such company is listed, it shall, having informed in writing of its decision to the security holders and the licensed stock exchange, forward an application to the Commission within two weeks of passing of the resolution referred to in paragraph (2)(a) of this Rule in the case of delisting its equity from the official list and in the case of any other security other than equity, within two weeks from the date the Board of such company resolved to delist its securities from the official list.
2.An application made to the Commission under paragraph (1) shall be accompanied by- a.In the case of delisting of equity from the official list, a copy of a resolution passed by not less than seventy five per centum of the shareholders present at such meeting approving the delisting and the price at which the directors of the company has arranged to buy the securities of any shareholder who wishes to sell their securities;
b.A list containing the names of all security holders as at the date of making the application, together with (their addresses and security holdings, certified by the Secretary of the Company;
c.Copies of the audited or certified accounts and balance sheet of such company for the three years preceding the making of such application;
d.In the case of delisting of equity from the official list, copies of press notices published in all three languages informing the general public of the resolution to delist as referred to in sub paragraph (a), and in the case of delisting any other security other than equity, copies of press notices published in all three languages informing the general public that the Board of the Company has resolved to delist.
3.Any person aggrieved by the resolution of a board of a company to delist its securities or in the case of delisting of equity, by the resolution of the shareholders of a company to delist its securities may appeal against such shareholders of a company to delist its securities may appeal against such resolution to the commission, within fourteen days of the passing of the resolution concerned.
4.Upon the receipt of the written information pertaining to the delisting of securities from the stock exchange, the stock exchange shall immediately take steps to suspend the trading of the securities of the applicant company, until the Commission makes its decision on the application made to it.
5.a.On receipt of an application made under paragraph (1), the Commission shall immediately call for any recommendations or observations as the case may be, on such application, from the licensed stock exchange in which the applicant company is listed, and a list containing the number of transactions and the volume and prices of securities transacted during the twelve months preceding the making of application.
b.It shall be the duty of a licensed stock exchange to submit the information requested for under paragraph (a), within ten days of being so requested by the Commission.
6.The Commission, having considered the application together with any recommendations or observations as the case may be, made by the licensed stock exchange, and where it considers it necessary, having given the applicant an opportunity of being heard shall, within twenty one days of the receipt of such application, inform the applicant of its decision.
7.In the case of delisting equity from the official list, the licensed stock exchange shall, after having satisfied the successful completion of the sale of securities of the shareholders who wish to sell their securities, inform the Commission and obtain its approval before the removal of such company from its official list.
