BSE and NSE will suspend trading in shares of Coffee Day Enterprises and fraud-hit CG Power and Industrial Solutions from 3 February for not complying with listing norms pertaining to submission of quarterly financial results.
However, the stock exchanges in separate circulars further said that if these companies comply with the provisions of listing norms on or before 29 January, the trading in its securities will not be suspended.
Coffee Day Enterprise (the parent company of coffee chain Cafe Coffee Day) and CG Power and Industrial Solutions Limited (previously known as Crompton Greaves) have failed to submitted the financial results for June 2019 and September 2019 quarter to the exchanges and/or not paid the fine amount levied for the non-compliance, as required under the listing norms of Securities and Exchange Board of India (SEBI).
The exchanges said that consequently, trading in securities of these companies will be suspended with effect from 3 February 2020 "on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters -- June 2019 and September 2019."
Also, the entire promoter shareholding of the firms have been frozen from 10 January, till further notice, they added.