May be promoter dislikes to answer many questions from Investors. May be promoter not willing to follow the many regulation like 33 plus many on regular basis. May be promoter doesn’t think of much capital required to influence the business to grow. May be promoter doesn’t want to mitigate the risk as he can take complete ownership of the business for more profit or other side. There are many reason to delisting.
Any company acquisition also will make the stock to delist.