Shareholder of DHFL moves Bombay High Court, seeks stay on delisting

The regulation further provides that the floor price will be determined in terms of the Takeover Regulations

The Bombay High Court (HC) has admitted a petition from a small shareholder of Dewan Housing Finance Corpora­tion (DHFL) who has sought a stay on the delisting of the company’s shares from the stock exchanges. After its acquisition, Piramal Group plans to merge DHFL with its financial services business, while pegging DHFL’s equity value at zero.
 
The HC has sent notices to all the parties and will hear the case at the end of April.
 
The shareholder, one Punit Nangalia, submitted to the court that in course of usual delisting of shares of a listed entity, the offer