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BSE to suspend trading in 11 companies for violating norms

LiveMint logoLiveMint 27-06-2017 PTI

New Delhi: India’s leading stock exchange BSE will suspend trading in the securities of as many as 11 companies from 19 July as they failed to comply with certain norms for two consecutive quarters. In case they comply with the norms by 13 July, they would not face trading suspension.

The firms that face suspension are Birla Transasia Carpets Ltd, Jay Energy & S Energies, Anil Ltd, Koa Tools India, Krishana Fabrics, Orbit Corporation, Rubber Products, Sancia Global Infraprojects, SM Energy Teknik & Electronics, Software Technology Group International and Pochiraju Industries.

The exchange has also ordered freezing of the entire promoter shareholding of these companies from Tuesday till further notice.

“Trading in securities of the companies (11) will be suspended with effect from 19 July 2017 on account of non- compliance with Regulation 55 A of the Sebi (Depositories and Participants) Regulations 1996 for two consecutive quarters—December 2016 and March 2017,” BSE said in a circular.

Under the Securities and Exchange Board of India’s (Sebi) depositories and participants regulation 55 A, every firm will have to submit the audit report, on a quarterly basis to the bourse, about reconciliation of the total issued capital, listed capital and capital held by depositories in dematerialised form and the details of changes in share capital during the quarter.

Further, the exchange said the suspension will continue till such time these firms comply with the norms.

The exchange said 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.

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