List of 222 Companies Delisted by BSE on 04 July 18

[Raji M]

Notifications, number of companies delisted and consequences and other key insights:

Today, 4 Jul 2018, BSE (Bombay Stock Exchange) has delisted 222 companies, in reference to the two different notifications issued by the exchange two days ago.

Vide notification number 20180702-28, dated 2 Jul 18, BSE has notified that 210 companies that have remained suspended for more than 6 months would be delisted from the platform of the Exchange, with effect from July 4, 2018 pursuant to order of the Delisting Committee of the Exchange in terms of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (“Regulations”).

Further, 6 companies that have been compulsorily delisted by NSE, are also delisted from the platform of the BSE, in terms of Rule 21(2) (b) of the Securities Contracts (Regulation) Rules 1957 (“Regulations”).

Vide notification number 20180702-29, dated 02 Jul 18, BSE has notified that 6 companies that have remained suspended for more than 6 months and whose status on the MCA website is reflected as “under liquidation / liquidated” would be delisted from the platform of the Exchange

Consequences:

• The securities of compulsorily delisted companies are ceased
• Promoters of these delisted companies 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.
• The promoters and whole-time directors of these companies shall not be eligible to become directors of any listed company and they along with the group companies of compulsorily delisted companies are debarred from accessing the security market for a period of 10 years .
• These companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as directed by SEBI.