BSE moves NCLT against defaulting companies

Seven companies have defaulted in fee payment

BSE has filed proceedings against seven companies before the National Company Law Tribunal (NCLT), Mumbai, for defaulting on fees. The exchange said it would take similar action against more companies. The companies against which BSE has moved the NCLT include Neo Corp International, S Kumars Nationwide, Asahi Infrastructure & Projects, Mavi Industries and Twinstar Industries.

"A few listed companies have failed to pay annual listing fees to BSE in spite of advance intimation, reminders and grant of sufficient time in the past few years. Such companies continue to be listed and traded on BSE. There are about 130 such Companies. In the interest of investors who may be trading in such companies, it has become incumbent to initiate action against such listed companies defaulting in payment of listing fees, under the Insolvency and Bankruptcy Code, 2016," BSE said in a statement.