As many as nine companies will be delisted on India's leading stock exchange, BSE, from Monday as their shares have remained suspended from trading for over 6 months. For a while now, the exchange has started delisting companies that have been suspended from trading for a long time.
In a circular released by the exchange on Friday, it 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 shares of nine companies, that 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), will no longer be available for trade from 5 November 2018 on BSE.
Besides that, the full-time directors, promoters and group firms will be denied access to the securities market for 10 years. These companies would also be moved to the dissemination board of the exchange for a period of 5 years as per SBI regulations.
Promoters of these companies will be required to purchase the shares from the public shareholders at a fair value as determined by an independent valuer appointed by BSE.