I have had a cup of tea, and so I am now less likely to flip a table about your racist "don't you know how indians work' garbage,... or , "I heard a story once about a compulsory takeover that is FERKING IRRELEVANT to this case"
So, you can stop your "Errrr, it's the market bro" uninformed claptrap.
I have said this about the requirements for delisting several times already, but here it is one more time in the hope it sticks:
NMDC is a state backed foreign entity, and therefore has additional stringent requirements in relation to FIRB approval. Without FIRB approval for an NMDC acquisition (or any scheme that has the effect of that), then it can't delist. Period. Not at all. F*cking can't. Can't be done. Not possible. Ever. Even if there is a fire. Can't be done.
It cannot delist under Listing Rule 17.11 unless it has complied with Part 6 of the Corporations Act which relates to - WAIT FOR IT - takeovers. Under that section, it must secure a 90% acceptance of a bid by 'TARGET HOLDERS' ie. 90% of the 22%. If it doesn't comply with this section, it can't seek delisting. Period. Not at all. F*cking can't. Can't be done. Not possible. Ever. Even if there is a fire. Can't be done. Further, acquiring 'on market' is limited to 3% every six months - so, yeah, tanking the price isn't in anyone's interest. They will have to wait 4 years, and STILL get FIRB approval to delist. See where I am going with this?
Then, there is this cool thing called the Takeovers Panel, which has been shooting these types of cases down on the basis of findings of "unacceptable practices" for YEARS. I even linked you the page to all their decisions. Read some maybe before commenting again. There are recent cases dealing with 17.11, the 90%, the whole freaking shabang.... Google it, it'll be eye opening.
THEN, even if they comply with the Corps Act and get 90%, THEN survive the Takeovers Panel by some sheer miracle, and THEN avoid all Directors being pursued under the breach of Director's duties provisions of the Corps Act, they STILL have to then get FIRB approval.
So, the f*cking upshot is that - WHEN A FOREIGN OWNED STATE BACKED MINING ENTITY (NMDC is state owned) wants to delist an ASX listed company, their only way forward is to put an offer in that satisfies 90% of the target shareholders. Any 'non-responses' are counted as a rejection, and so in practice this is very hard to get 90% unless YOU OFFER A PRICE that is high. Some companies can get away with a 6 month VWAP etc, but all of those cases are NOT THIS VERY UNIQUE CASE THAT NEEDS LAYERS OF ADDITIONAL APPROVALS.
Without that, there is no way to acquire, delist, or any of the other rubbish - without getting blocked at every turn at the TO Panel or FIRB.
So, sipping tea now, hoping you read up on Chapter 6 with some rigor before making nay more 'guesses'.
