UP-DATE July 17,
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 in my earlier post of June
26,2020 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 window available to the Acquirer
going for delisting, he is allowed to 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. If the application is made after 20th July 2020, the number of days further delayed after 20.07.20 must be added to all the dates in the series to arrive at the
approximate date 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
|
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