Leading exchanges of BSE and NSE will suspend the trading of shares of no less than nine companies, including bank fraud accused by Mehul Choksi's Gitanjali gems, from 10 September onwards because they did not meet the listing standards regarding the filing financial results.
if a company complies with the provisions of the LODR (Listing and Disclosure Requirements) Regulations on or before the date prescribed by the exchanges, the trade in its security will not be suspended, according to separate reports of 17 August from the scholarships. 19659002] In the case of the BSE, the date is 4 September, while for the NSE it is 5 September.
While both exhibitions will jointly suspend Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal, the BSE will suspend the status Thambbi Modern Spinning Mills, Indo Pacific Projects, Haryana Financial Corporation, Noble Polymers and Samruddhi Realty as well.
The trading of securities of the nine companies will be suspended from September 10, 2018, due to the non-compliance with Regulation 33 of LODR regulations for two consecutive quarters – December 2017 and March 2018, the BSE said in a notification.
Regulation 33 concerns the submission of financial results
Regarding Samruddhi Realty and Noble Polymers, the BSE said that both companies submitted the financial results but "did not pay the applicable fines".
Also the complete shareholding of the companies of the companies is frozen from August 17 until further notice, the exchanges said.
In a circular, the NSE said that if the companies do not comply with the provisions of LODR regulations on or before September 5, the trading of their shares will be suspended from September 10 and the suspension will continue until the moment they meet .
Also, 15 days after suspension, trading in the shares of non-compliant companies will be admitted on trade-for-trade basis in the Z group only on the first trading day of each week for six months.
The Z group includes companies that have not complied with the listing requirements and / or are unable to resolve investor complaints and / or have not made the required arrangements with the depositories – – CDSL and NSDL – for dematerialisation of their effects.