BSE initiates IBC proceedings against seven companies

Stock exchange major BSE on Tuesday filed proceedings under the Insolvency and Bankruptcy Code (IBC) 2016 against seven listed companies for failing to pay the "Annual Listing Fees" (ALF) in spite of "advance intimation, reminders and grant of sufficient time in the past few years".

According to the BSE, there are about 130 companies which have failed to pay ALF and continue to be listed and traded on its platforms.

"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," the BSE said in a statement.

"Accordingly, BSE has already filed proceedings against the seven defaulting companies before the Hon'ble National Company Law Tribunal, Mumbai on account of their failure to pay annual listing fees over a period of time. Similar action is being envisaged against other companies too."

--IANS

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