Leading stock exchange BSE will suspend trading in the securities of eight firms from November 24 as they have failed to comply with listing norms for two consecutive quarters. In case they comply with the norms by November 20, they would not face trading suspension, BSE said in a circular. The firms that face suspensions are Asahi Infrastructure & Projects, Delma Infrastructure, Dune Mercantile, Filtron Engineers, Gupta Synthetics, Neo Corp International, Noble Explochem and Relson India. With regard to Filtron Engineers, the exchange said it has submitted the financial results as on date. However, it has not paid the applicable fines. The exchange has also ordered freezing of the entire promoter shareholding of these eight companies “till further notice”. “Trading in securities of the …companies will be suspended with effect from November 24 (being 21 days from issue of this notice); on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations for two consecutive quarters March 2017 and June 2017,” 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,” it added.