BSE to suspend trading in 7 companies from Oct 18 over non-compliance

Bio Green Papers, Gujarat Carbon & Industries and Malwa Cotton Spinning Mills among firms against whom notices have been issued

BSE will suspend trading in the securities of seven companies from October 18 for non-compliances of certain norms for two consecutive quarters.

The seven companies are Bio Green Papers, Gujarat Carbon & Industries, Malwa Cotton Spinning Mills, Suryachakra Power Corporation, Unimers India, VKS Projects and Visu International, a notice issued by the exchange said on Tuesday.

"Trading in securities of the companies will be suspended from October 18 on account of non-compliance with regulation 55A of the Sebi (Depositories and Participants) Regulations, 1996 for two consecutive quarters - March and June 2017," it added.

"In case, any of the aforesaid companies comply (to the satisfaction of the exchange) with the provisions of the regulation of the Sebi (depositories and participants) regulations on or before October 12, 2017, trading in securities of the said companies will not be suspended," the notice said.

The exchange also ordered the freezing of the entire promoter shareholding of these companies from today till further notice.

In case the aforesaid companies fail to comply with the provisions of the regulation of Sebi to the satisfaction of the exchange on or before October 12, 2017 then, trading in the securities of the companies would be suspended from October 18 and the suspension will continue till such time the company complies, it added.

The exchange said that 15 days after the suspension has been effected, trading in the shares of non-compliant companies would be allowed on trade for trade basis only on the first trading day of every week for six months.

"Revocation of suspension would be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension," it added.