Published On: Thu, May 25th, 2017

BSE to delist 61 companies from 29 May

The promoters of these 61 delisted firms will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the BSE. Photo: Bloomberg

New Delhi: Leading stock exchange BSE (Bombay Stock Exchange) will delist as many as 61 firms from its platform from 29 May as they have remained suspended for more than 13 years.

Among the firms to be delisted are Binaca Synthetic Resins, Canvay Chemicals, Chetak Spintex, Global Industries, Karan Finance, Mahendra Cements, Manav Pharma, Maruti Organics, Rams Transformers, Regent Chemicals, Rohini Strips, Sarla Credit & Securities, Sunrise Zinc, Thapar Exports and Vishal Chairs.

Trading members of the exchange are informed that 61 companies that have remained suspended for more than 13 years would be delisted from the platform of the exchange, with effect from 29 May 2017, the BSE said in a notice on Thursday.

It said that the move is pursuant to order of the delisting committee of the exchange in terms of Sebi (Delisting of Equity Shares) Regulations, 2009. The securities of these 61 companies would cease to be listed and therefore not be available for trading on the platform of the exchange, as per the Securities and Exchange Board of India (Sebi) Delisting Regulations, 2009.

Also, 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 BSE.

According to the 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. Besides, the companies would be shifted to BSE dissemination board for a period of 5 years as directed by Sebi.

 

 
[“source-ndtv”]