INDICATIVE TIMELINE FOR VEDANTA DELISTING

UP-DATE July 16, 2020 

AA had displayed a remarkable speed and things seemed to be on fast track. He even brushed aside legal nuances like appointment of the merchant banker by the Board of directors. The merchant banker was appointed immediately on 12 May itself, even before the Board meeting. 

The  time chart/ schedule given below  was drawn as something that can  be achieved in the shortest possible time. However, it seems that AA has developed some cold feet or is unable to tie-up the desired finance and has till now not even applied to Stock exchanges for "in-principle" approval. As given in the chart below, this is the only open time-window available to the Acquirer going for delisting, he may play here for  as much as almost one year. The moment  "in-principle" is applied for, statutorily defined timeline kicks-in. 

To arrive at the likely date for completion of delisting formalities, please add the number of days to the date on which "in-principle" application is made to the Stock Exchanges.  In the table below such date of application has been assumed as July 20, 2020

Acivtity No.	Stipulated time	Date	Event
A	No legal stipulation of time	20-Jul-20	In-Principle Delisting approval to be applied to Stock exchange. It seems that the application for "in-principal" approval has not been made as yet. Whenever the application is made add the no. of days to 26th June 2020, to arrive at the approximate number of days for each activity
B	A+5	25-Jul-20	SE in-principle approval to be obtained. SE has to respond within 5 days, Reg 8(3)
C	B+1	26-Jul-20	Public Announcement (PA) & Escrow deposit ,  to be made within one day of receipt of 'In-Principal' approval, Reg.10(1)
D	C+2	28-Jul-20	LOO to be dispatched within 2 days of PA , Reg.12(1)
E	C+7	2-Aug-20	RBB to start within 7 days of PA Reg. 13(1)
F	E+5	7-Aug-20	RBB to be open for 5 days Reg. 13(2)
G	E+6	8-Aug-20	RBB to  close
H	G+5	13-Aug-20	Discovered price to be announced within 5 days of closure of RBB. Reg.18
I	G+10	17-Aug-20	payment to be made within 10 days of the closure. Reg.20(2)
J	H+2	15-Aug-20	Fresh PA for Counter offer  and dispatch of LOO within 2 days of announcement of discovered price. Reg 16(1A)
L	J+7	22-Aug-20	Opening of Counter offer bidding process within 7 days of PA
M	L+5	27-Aug-20	Counter offer bidding closes, open for 5 days
N	M+5	1-Sep-20	Success/ failure of counter offer to be announced  Reg.18 /19 within 5 days of closure
O	M+10	6-Sep-20	Payment/Refund of shares

Day	Date	Event
1	Tuesday, May 12, 2020	VRL UK informs VIL of its intention to delist. VEDANTA informs Stock exchange, appoints Merchant banker, Fixes Board Meeting on 18 May 2020. This is also the reference date for calculation of floor price
6	Monday, May 18, 2020	Merchant bankers report submitted. Board approves the Delisting proposal, calls for Postal Ballot
13	Monday, May 25, 2020	Postal Ballot  Notice dispatched,
14	Tuesday, May 26, 2020	Voting lines open
43	Wednesday, June 24, 2020	Voting closes
44	Thursday, June 25, 2020	Postal ballot results announced
45	Friday, June 26, 2020	In-Principle Delisting approval to be applied to Stock exchange.
51	Thursday, July 2, 2020	SE in-principle approval to be obtained. SE has to respond within 5 days, Reg 8(3)
52	Friday, July 3, 2020	Escrow deposit ,  and Public Announcement (PA) to be made within one day  Reg.10(1)
55	Monday, July 6, 2020	LOO to be dispatched within 2 days of PA , Reg.12(1)
57	Wednesday, July 8, 2020	RBB to start within 7 days of PA Reg. 13(1)
62	Monday, July 13, 2020	RBB to  close , to be open for 5 days Reg. 13(2)
63	Tuesday, July 14, 2020	RBB to  close
64	Wednesday, July 15, 2020	Discovered price to be announced and Counter offer to be announced through SE. Fresh PA for counter offer within 2 days of discovered price announcement
66	Friday, July 17, 2020	PA for counter offer in news papers  and dispatch of LOO within 4 days of closure of RBB
74	Saturday, July 25, 2020	Withdrawal period for people who do not want to participate in counter offer
76	Monday, July 27, 2020	Opening of Counter offer bidding process within 7 days of PA
81	Saturday, August 1, 2020	Counter offer bidding closes, open for 5 days
86	Thursday, August 6, 2020	PA for Success/ failure of counter offer
91	Tuesday, August 11, 2020	Payment/Refund of shares