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BSE, NSE to suspend trading in Gitanjali Gems and 9 other firms from Sep 10

While both BSE and NSE will together suspend Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal, BSE will suspend trading in 5 other companies

Press Trust of India  |  New Delhi 

BSE, NSE to suspend trading in up to 9 firms from Sep 10

Leading exchanges and will suspend in shares of as many as nine firms, including banking fraud accused Mehul Choksi's Gitanjali Gems, from September 10 for not complying with listing norms pertaining to submission of financial results.

However, if any company complies with the provisions of the (Listing Obligations and Disclosure Requirements) Regulations on or before the date prescribed by the exchanges, the in its security will not be suspended, according to separate communications dated August 17 from the exchanges.

In the case of BSE, the date is September 4, while for the NSE, it is September 5.

While both the exchanges will together suspend Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal, the will suspend Thambbi Modern Spinning Mills, Indo Pacific Projects, Haryana Financial Corporation, Noble Polymers and Samruddhi Realty as well.

in securities of the nine companies will be suspended from September 10, 2018, on account of non-compliance with Regulation 33 of Regulations for two consecutive quarters -- December 2017 and March 2018, the said in a notice.

Regulation 33 pertains to the submission of financial results.

With regard to Samruddhi Realty and Noble Polymers, the BSE said that both the firms have submitted the financial results but "not paid the applicable fines".

Also, the entire promoter shareholding of the firms have been frozen from August 17 till further notice, the exchanges said.

In a circular, the said if the companies fail to comply with the provisions of Regulations on or before September 5, then trading in their equity shares will be suspended from September 10 and the suspension will continue till the time they comply.

Also, 15 days after the suspension has been effected, trading in the shares of non-compliant companies will be allowed on trade-for-trade basis in Z group only on the first trading day of every week for six months.

The Z group includes companies which have failed to comply with its listing requirements and/or have failed to resolve investor complaints and/or have not made the required arrangements with the depositories -- CDSL and NSDL -- for dematerialisation of their securities.

First Published: Sun, August 19 2018. 16:16 IST