IMHO, There is a process to delisting as laid down by SEBI. An offer price has to made to all the share holders. who may then choose to accept the delisting price or reject the same. If rejected, the management can make another revised offer. The share holders can accept or reject. If accepted by majority of the shareholders, the management then move forward with the delisting process at the accepted price and shareholders get the money. Recent successful delisting was done by Hexaware (made decent returns in a short period) and failed delisting attempt was made by Vedanta. It would be instructive to read the delisting thread on the forum: Delisting Discussions - Hexaware, Vedanta & all of them
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