BSE to suspend trading in 28 securities from December 30

Leading stock exchange BSE today said it will suspend shares of 28 companies, for their failure to comply with various provisions of the listing pact, from December 30.

 

These companies have not fulfilled the BSE requirements for continuous listing till the quarter ended June 2013, the exchange said in a circular.

 

The companies facing suspension included Allied Computers International (Asia) Ltd, Amalgamated Electricity Company Ltd, Anand Credit, Lords Chemicals, Polar Industries, Taksheel Solutions and United Van Der Horst.

 

"Trading in securities of 28 Companies will be suspended with effect from Monday, December 30, 2013 on account of non-compliance with the provisions of the listing agreement," the exchange noted.

 

According to norms, a firm listed on BSE is required to comply with various clauses of the listing agreement, failing which trading in securities of such defaulting company is liable for suspension.

 

The bourse said if these firms comply with listing provisions on or before December 19, trading in their scrips would be suspended for five days up to January 3, next year.

 

However, if they fail to do so, the suspension would continue till such time the company complies with the procedure laid for revoking suspension, it added.

 

"...Suspension of trading in securities of a company will be revoked only if the company has complied with all the provisions of the listing agreement up to the latest quarter for which the compliances are required," BSE said.

 

Earlier this week, another bourse NSE said it will suspend trading in shares of 1O companies including Asian Electronics and Edserv Softsystems for not complying with various provisions of the listing pact from December 10.