The Bombay Stock Exchange will delist as many as nine companies from Monday as trading of shares in these companies has remained suspended for over 6 months. During the last few months, the exchange had been delisting firms in which trading remained suspended for a long time.
In a circular issued on Friday, the BSE said: “Nine companies that have remained suspended for more than six months would be delisted from the platform of the exchange, with effect from November 5, 2018 pursuant to order of the delisting committee of the exchange.”
The companies facing delisting are -- Anil Ltd, Brakes Auto (India) Ltd, Indus Fila, IQ Infotech, Lok Housing & Constructions, Metropoli Overseas, Pithampur Steels, Prakash Solvent Extractions and Sibar Software Services (India).
According to the exchange, shares of these companies would cease to be listed and therefore will not be available for trading. Further, these delisted companies, their whole-time directors, promoters and group firms will be debarred from accessing the securities market for a period of 10 years.
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.
“Further, these companies would be moved to the dissemination board of the exchange for a period of 5 years as directed by SEBI,” the BSE said.
In August, the BSE had delisted 17 companies, another 222 firms in July and over 200 firms in May.