Moneycontrol
Major stock exchanges, BSE and National Stock Exchange (NSE), on Wednesday announced that 94 companies will be delisted, effective December 1, 2017.
“Trading Members of the Exchange are hereby informed that the 87 companies that have remained suspended for more than 3 years would be delisted from the platform of the Exchange, with effect from December 1, 2017 pursuant to order of the Delisting Committee of the Exchange in terms of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (“Regulations”),” the BSE said in a statement.
Brindaban Holdings & Trading Ltd, Esskay Telecom Ltd, Jog Engineering Ltd, Keswani Synthetics Industries Ltd, Monozyme India Ltd, Siyaram Poddar Finance & Trading Ltd, Sterling Holiday Financial Services Ltd and Zenergy Ltd, among others, are going to be delisted on BSE.
Meanwhile, seven companies that were delisted by NSE, will also be delisted from BSE effective the same date.
Once a stock is delisted, according to SEBI delisting regulations, the following conditions would be applied on the stock.
- The securities of these companies would cease to be listed and therefore not be available for trading on the platform of the Exchange.
- Promoters of these delisted companies will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the Exchange, as mentioned in the Public Notice to be issued shortly.
- Further, in terms of Regulation 24 of Delisting Regulations, the delisted company, its whole-time directors, promoters and group companies shall be debarred from accessing the securities market for a period of 10 years from the date of compulsory delisting.
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