(1) The delisting proposal shall be deemed to have failed under any of the following circumstances:
(a) non-receipt of in-principle approval from any of the stock exchanges; or
(b) non-receipt of requisite approval from the holders of non-convertible debt securities or nonconvertible redeemable preference shares; or
(c) non-receipt of No-Objection Letter from the debenture trustee in case of proposal for delisting of non-convertible debt securities.
(2) In case of failure of the delisting proposal, the listed entity shall intimate the same to the stock exchanges within one working day from the date of event of failure as specified in sub-regulation (1).