Bombay Stock Exchange
Notice No- 20180702-28
Notice Date- 02 Jul 2018
Trading Members of the Exchange are hereby informed that the 210 companies (given in Annexure I) that have remained suspended for more than 6 months would be delisted from the platform of the Exchange, with effect from July 4, 2018 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”).
Further, Trading Members of the Exchange are hereby informed that the 6 companies (given in Annexure II) that have been compulsorily delisted by NSE, would be delisted from the platform of the Exchange, with effect from July 4, 2018 pursuant to order of the Delisting Committee of the Exchange in terms of Rule 21(2) (b) of the Securities Contracts (Regulation) Rules 1957 (“Regulations”). Rule 21(2) (b) of the Securities Contracts (Regulation) Rules 1957, states that “If the securities is delisted under clause (1),……. the said securities shall be delisted from all recognized stock exchanges”.
1) As per SEBI Delisting Regulations, 2009 the following consequences of compulsory delisting would apply to the said companies:
- 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.
2) As per SEBI circular no. SEBI/HO/CFD/DCR/CIR/P/2016/81 dated September 7, 2016, till the time promoters of the Company provide an exit option to the public shareholders in terms of value determined by the Valuer, the following consequences of compulsory delisting would also apply:
- Non-transferability of any of equity shares by the Company, by way of sale, pledge, etc., of any of the equity shares.
- Freezing of equity shares and corporate benefits thereof held by the promoters/ promoter group.
- The promoters and whole-time directors of the Company shall not be eligible to become directors of any listed company.
3) These companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as directed by SEBI.
In case the Trading Members require any clarification, they may contact Mr. Kaustubh Kulkarni on 22728834 / Ms. Anshu Shrivastava on 2272 8534.
Netra Sahani
Deputy General Manager
Arpita Joshi
Manager
Listing Compliance
July 2, 2018
Source- BSE Website
