Trading Members of the Exchange are hereby informed that the undermentioned 10 companies that have been compulsorily delisted by NSE, would be delisted from the platform of the Exchange, with effect from September 28, 2018 pursuant to order of the Delisting Committee of the Exchange in terms of Rule 21(2)(b) of the Securities Contracts (Regulation) Rules 1957 (“Regulations”). Rule 21(2) (b) of the Securities Contracts (Regulation) Rules 1957, states that “If the securities is delisted under clause (1), ……. the said securities shall be delisted from all recognized stock exchanges”.
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Sr. No.
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Scrip Code
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Company Name
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1
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532858
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Decolight Ceramics Ltd*
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2
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502995
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Malwa Cotton Spinning Mills Ltd
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3
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532912
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Net 4 India Ltd
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4
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530811
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Netvista Information Technology Ltd
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5
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532106
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Rei Agro Ltd*
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6
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533065
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Rei Six Ten Retail Ltd
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7
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532293
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Software Technology Group International Ltd
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8
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507458
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United Breweries (Holdings) Ltd. *
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9
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511371
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Vatsa Corporation Ltd
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10
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534567
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VKS Projects Ltd.
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1) As per SEBI Delisting Regulations, 2009 the following consequences of compulsory delisting would apply to the said companies:
· The securities of these companies would cease to be listed and therefore not be available for trading on the platform of the Exchange.
· 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, as mentioned in the Public Notice to be issued shortly.
· Further, in terms of Regulation 24 of Delisting Regulations, the delisted company, its whole-time directors, promoters and group companies shall be debarred from accessing the securities market for a period of 10 years from the date of compulsory delisting.
2) As per SEBI circular no. SEBI/HO/CFD/DCR/CIR/P/2016/81 dated September 7, 2016, till the time promoters of the Company provide an exit option to the public shareholders in terms of value determined by the Valuer, the following consequences of compulsory delisting would also apply:
· Non-transferability of any of equity shares by the Company, by way of sale, pledge, etc., of any of the equity shares.
· Freezing of equity shares and corporate benefits thereof held by the promoters/ promoter group.
· The promoters and whole-time directors of the Company shall not be eligible to become directors of any listed company.
*As these companies are under liquidation / liquidated, in terms of guidance received from the Securities and Exchange Board of India, the provisions of Regulation 24 of the SEBI Delisting Regulations 2009 reproduced below, would not apply to the companies / promoters / whole time directors of these companies, if the date of the appointment of provisional liquidator or the order of winding up is prior to the date of compulsory delisting
Regulation 24: “Where a company has been compulsorily delisted under this Chapter, the company, its whole time directors, its promoters and the companies which are promoted by any of them shall not directly or indirectly access the securities market or seek listing for any equity shares for a period of ten years from the date of such delisting……..,”
3) Further, these companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as advised by SEBI.
In case the Trading Members require any clarification, they may contact Mr. Kaustubh Kulkarni on 2272 8834/ Ms. Anshu Shrivastava on 2272 8534
Netra Sahani Arpita Joshi
Dy. General Manager Manager
Listing Compliance
September 26, 2018 |