Asia’s oldest bourse BSE today said it will suspend trading in secaurities of four companies, including ABG Shipyard and Mandhana Industries, from March 27 as they failed to comply with certain listing regulations. The other two firms are Shree Ganesh Jewellery House and Shrenuj & Company. In case the firms comply with the norms by March 21, they would not face trading suspension.
ABG Shipyard is an Ahmedabad-based shipbuilding company, while Mandhana Industries is a multi divisional textile firm. Its subsidiary Mandhana Retail Ventures manufactures, retails and distributes Bollywood actor Salman Khan’s Being Human brand.
You may also like to watch:
The exchange has also ordered freezing of the entire promoters’ shareholding of these four companies from today till further notice.
“Trading in securities of the undermentioned companies will be suspended with effect from March 27, 2017 (being 21 days from issue of this notice); on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters — June and September 2016,” BSE said in a circular.
The Regulation 33 pertains to submission of financial results. Further, the exchange said the suspension will continue till such time these firms comply with the norms including payment of fines.
The exchange said that 15 days after suspension, trading in the shares of non-compliant companies would be allowed on restricted basis or in Trade for Trade basis in Z group only on the first trading day of every week for six months.
“Revocation of suspension would be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension,” the exchange added.