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NSE To Delist 9 Companies On 17 October

By Staff

The National Stock Exchange (NSE) will be delisting nine companies including Lanco Infratech and Moser-Baer from its platform from 17 October.

The nine companies are Amar Remedies, Supreme Tex Mart, Samtel Color, Hindustan Dorr-Oliver, Servalakshmi Paper, LML, Hanung Toys and Textiles, Lanco Infratech and Moser-Baer.

NSE To Delist 9 Companies On 17 October

According to the National Stock Exchange (NSE), these nine companies are "under liquidation".

In a circular, the exchange said it has been decided to delist (withdraw the admission to dealings) equity shares of these companies with effect from 17 October 2019.

The exchanges have been taking steps to delist companies that have remained suspended for more than six months and whose status on the MCA (Ministry of Corporate Affairs) website is reflected as "under liquidation/ liquidated".

In September, 14 such companies under the the compulsory delisting regulations were delisted by NSE.

Under the compulsory delisting norms, the delisted company, whole-time directors, promoters and group firm would be debarred from accessing the securities market for 10 years from the date of compulsory delisting.

Promoters of these delisted companies will be required to purchase the shares for the public shareholders as per the fair value determined by the independent valuer appointed by BSE.

Further, these companies will be moved to the dissemination board of the exchange for five years as advised by SEBI.

With Inputs from PTI

Read more about: nse
Story first published: Friday, October 4, 2019, 11:50 [IST]
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