Where stock exchange makes compulsory delisting of equity shares of a Company under SEBI (Delisting of Equity Shares) Regulations, 2009 AND if the fair value to be paid to public shareholders is positive (which is determined by an Independent valuer appointed by Stock exchange), then such company and the depositories (both) shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares of promoter/promoter group.
Further such company and depositories shall ensure that entitlement to corporate benefits to promoters and promoter group be frozen.
Both, not effecting transfer, pledge etc. and freezing of corporate benefits to promoter and promoter group shall by until the point of time the promoters of such company provide an exit option to the public shareholders.
Further, the promoters and whole-time directors of the compulsorily delisted company shall also not be eligible to become directors of any listed company till the exit option is provided.
SEBI Circular number SEBI/HO/CFD/DCR/CIR/P/2016/81 dated 07th September, 2016, which can be accessed from http://www.sebi.gov.in/cms/sebi_data/attachdocs/1473248605168.pdf