BSE will delist these 94 stocks in next 24 hours! Here’s the full list
More than 90 companies are going to see compulsory delisting from BSE with effect from December 1, 2017. The exchange on Wednesday announced that 87 stocks (Table 1) that have remained suspended for more than three years would be delisted from the exchange platform.
In addition to this, the exchange said seven other companies (Table 2) that have been compulsorily delisted by NSE, would be delisted from BSE exchange platform from the same date.
As per the delisting regulations, 2009, of the Securities and Exchange Board of India (Sebi), the following consequences of compulsory delisting would apply to the said companies:
a) The securities of these companies would cease to be listed and therefore not be available for trading on the platform of the exchange.
b) 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.
c) Further, 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.
As per an earlier Sebi circular, till the time promoters of the companies 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:
a) Non-transferability of any of equity shares by the company, by way of sale, pledge, of any of the equity shares.
b) Freezing of equity shares and corporate benefits thereof held by the promoters/ promoter group.
c) Promoters and whole-time directors of the company shall not be eligible to become directors of any listed company.
All these companies would be moved to the dissemination board of the exchange for five years as directed by Sebi.
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Via:: Economic Times – Stocks