Effective Tuesday, 64 companies that have remained suspended for more than 13 years would be delisted from the BSE platform. The decision follows the order of the BSE’s delisting committee set up in accordance with SEBI norms.

Some of the companies that face the axe are Ambuja Zinc, Eider Telecom, Gwalior Sugar Co, Haryana Steel and Alloys, Karnavati Spinners, Sandur Laminates and Trident Projects.

The securities of these companies would cease to be listed and would not be available for trading on BSE effective December 13.

Bar on directors Promoters of these 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. A public notice on this would be issued shortly, the BSE said in a notice. In addition, these 64 companies, their whole-time directors, promoters and group companies would be debarred from accessing the securities market for a period of 10 years from the date of compulsory delisting.

According to SEBI’s circular dated September 7, 2016, these companies would not be permitted to transfer shares through sale/pledge, and their promoters/promoter group shares and corporate benefits would be frozen till the promoters of these companies provide an exit option to the public shareholders in accordance with the value determined by the valuer.

Moreover, the promoters and whole-time directors of these companies would not be eligible to become directors of any listed company.

Finally, these companies would be moved to the dissemination board of the stock exchange for a period of five years as per SEBI directives.

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