ALSO READSebi scanner on valuation paid under compulsory delisting Suspected shell firms: BSE imposes trade curbs on remaining 5 Legal experts split hairs on definition of shell companies Indian companies raise Rs 1.75 lakh crore via bonds on BSE e-book platform Sebi whip on 331 shell firms clouds market, infra and realty worst hit
Stock exchange major BSE on Monday said that it will delist 200 firms from its platform from August 23. According to the BSE, stocks of 117 companies that have remained suspended for more than 10 years would be "delisted from the platforms of the exchange" with effect from August 23, 2017. Besides, the scrip of 28 companies that have remained suspended for more than 10 years and are "under liquidation" would also be delisted from August 23, 2017. In addition, 55 companies would be delisted from the platform of the exchange, with effect from August 23, 2017 "pursuant to order of the "Delisting Committee of the Exchange". The stock exchange major pointed out that as per regulator Securities and Exchange Board of India's (Sebi's) delisting regulations, 2009, the securities of these 200-odd companies would cease to be listed and traded on the BSE's platform. "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," the BSE said in a separate notification. "Further, in terms of regulation 24 of delisting regulations, the delisted company, its whole-time directors, promoters and group companies shall be debarred from accessing the securities market for a period of 10 years from the date of compulsory delisting."