BSE to delist 194 companies from tomorrow

As many as 194 companies will be delisted from BSE platform from tomorrow as these have remained suspended for more than 13 years, Asia's oldest bourse today said.

The move follows the exchange serving a final notice in June to as many as 428 companies to either apply for revocation of suspension or opt for delisting.

The securities of these firms have been under suspension for more than 13 years on account of non-compliance of various clauses of listing regulations.

"194 companies that have remained suspended for more than 13 years would be delisted from the platform of the exchange, with effect from Wednesday, August 17, 2016, pursuant to order of the Delisting Committee of the exchange in terms of Sebi (Delisting of Equity shares) Regulations," BSE said in a circular.

The securities will cease to be listed and therefore will not be available for trading on the exchange platform.

These will be moved to the dissemination board of the bourse for five years as directed by markets regulator Sebi.

The companies in question include Coimbatore Lakshmi Investment, Dolphin Hotels, Eastern Mining & Allied, Hilton Rubbers, Nagarjuna Drugs and Nariman Point Chemical Industries.

BSE said promoters of these delisted firms 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.

With 5,840 firms trading on its platform, BSE is the world's largest bourse in terms of listed entities.

Overall, trading in shares of as many as 1,021 companies listed on BSE has been under suspension for seven years or more as on June 1 this year.

In a separate circular, NSE said it has decided to delist securities of 14 companies, including Chemox Chemical Industries, Ganapati Exports, Prudential Capital Markets and Pal Peugeot with effect from August 31 as these firms are under liquidation.