For the past few months, BSE has been delisting companies in which trading has remained suspended for a long period. Earlier in August, the exchange had delisted 17 companies, while 222 and 200 companies in July and May, respectively.
Bombay Stock Exchange (BSE) will delist a total of nine companies, including Anil Ltd, Brakes Auto (India) Ltd, Indus Fila, IQ Infotech and Lok Housing & Constructions, among others, from Monday, as trading in their shares has remained suspended for over six months now, it said in a notification on Friday.
For the past few months, the exchange has been delisting companies in which trading has remained suspended for a long period. Earlier in August, the exchange had delisted 17 companies, while 222 and 200 companies in July and May, respectively.
“nine companies that have remained suspended for more than six months would be delisted from the platform of the exchange, with effect from November 5, 2018, pursuant to the order of the delisting committee of the exchange,” BSE said in the circular. Other companies that will be delisted are Sibar Software Services (India), Metropoli Overseas, Pithampur Steels and Prakash Solvent Extractions.
From Monday onwards, shares of these companies would not be available for trading on the platform of the exchange and promoters of these companies would need to buy shares from public shareholders, as per the fair value, to be determined by the independent valuer, which will be appointed by the exchange.
Also, these companies, group firms, their whole-time directors and promoters will be debarred from the accessing the securities markets for 10 years. “Further, these companies would be moved to the dissemination board of the exchange for a period of 5 years as directed by Sebi,” the BSE noted.