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NOTICES
Notice No.   20230222-10   Notice Date   22 Feb 2023
Category   Company related   Segment   Equity
Subject   Compulsory Delisting of Companies
 
Content

Trading Members of the Exchange are hereby informed that the undermentioned 30 companies that have remained suspended for more than 6 months would be delisted from the platform of the Exchange, with effect from February 24, 2023 pursuant to order of the Delisting Committee of the Exchange in terms of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009/2021(“Regulations”).

 

Sr. No.

Scrip Code

Company Name

1

531336

Auroma Coke Ltd

2

517203

Bee Electronic Machines Ltd

3

531713

Bluechip Stockspin Ltd

4

523400

Detroit Industries Ltd

5

532003

Dina Iron & Steel Ltd*

6

538608

Dwitiya Trading Ltd

7

539169

Funny Software Ltd

8

530945

Gangotri Iron & Steel Company Ltd

9

530389

Geefcee Finance Ltd

10

531479

Global Land Masters Corporation Ltd

11

511276

Mefcom Agro Industries Ltd

12

500278

Mideast India Ltd

13

531791

NovaGold Petro Resources Ltd

14

526313

Nu Tech Corporate Services Ltd

15

500329

Pentamedia Graphics Ltd

16

539007

Pincon Lifestyle Ltd

17

534734

Ram Minerals and Chemicals Ltd

18

535503

Roselabs Ltd

19

511640

Sanghi Corporate Services Ltd

20

531800

Sheetal Bio Agro Tech Ltd

21

506874

Shreejal Info Hubs Ltd

22

531679

South East Agro Industries Ltd*

23

513062

Sriyansh Steel Ltd

24

517403

Sun Source India Ltd

25

538793

Tej Infoways Ltd

26

530635

Texplast Industries Ltd

27

531659

TSL Industries Ltd

28

515099

Vertical Industries Ltd

29

511014

Vishvakirti Investment Ltd

30

538128

Womens Next Loungeries Ltd

 

*Consequences of compulsory delisting under SEBI (Delisting of Equity Shares), Regulations, 2009 are:-

 

·         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 would 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 (1) of SEBI (Delisting of Equity Shares), Regulations, 2009, 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.

·         Also, as per provisions of Regulation 24(2) of the SEBI (Delisting of Equity Shares), Regulations, 2009, in case of companies whose fair value is positive –

 

a)         such a company and the depositories shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares held by the promoters/ promoter group and the corporate benefits like dividend, rights, bonus shares, split, etc. shall be frozen for all the equity shares held by the promoters/ promoter group, till the promoters of such company provide an exit option to the public shareholders in compliance with sub-regulation (3) of regulation 23, as certified by the concerned recognized stock exchange;

 

 

b)         the promoters and whole-time directors of the compulsorily delisted company shall also not be eligible to become directors of any listed company till the exit option as stated in clause (a) above is provided.

 

2) Further, following consequences of compulsory delisting as per SEBI (Delisting of Equity Shares), Regulations, 2021 are applicable to the remaining companies in the aforementioned Table:-

 

·         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 would be required to purchase the shares from the public shareholders within three months of the date of delisting 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 34 (1) of SEBI (Delisting of Equity Shares), Regulations, 2021, the delisted company, its whole-time directors, person(s)  responsible  for  ensuring  compliance  with  the  securities laws, its promoters and the companies which are promoted by any of them shall not directly or indirectly  access  the  securities  market  or  seek  listing  of  any  equity  shares  or  act  as  an intermediary in the securities market for a period of 10 years from the date of such delisting.

 

 

Further, as per provisions of Regulation 34(2) of the SEBI (Delisting of Equity Shares), Regulations, 2021, in case of companies whose fair value is positive –

 

(a)    such a company  and the depositories shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares held by the promoters / promoter group and the corporate benefits like dividend, rights, bonus shares, split, etc. shall be frozen for all the  equity  shares  held  by  the  promoters/  promoter  group,  till  the  promoters  of  such company  provide  an  exit  option  to  the  public  shareholders  in  compliance  with  sub-regulation  (4)  of  regulation  33  of  these  regulations,  as  certified  by  the  relevant recognized stock exchange;

 

(b) the promoters, whole-time directors  and  person(s)  responsible  for  ensuring compliance with the securities laws,  of the compulsorily delisted company shall also not  be  eligible  to  become  directors  of  any  listed  company  till  the  exit  option  as mentioned in clause (a) is provided.

 

3) Further, these companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as directed by SEBI.

In case the Trading Members require any clarification, they may send email on email id bse.delistscn@bseindia.com.

 

 

Arpita Joshi                                                             Anshu Shrivastava                    

Manager                                                                  Associate  Manager

 

 

Listing Compliance

February 22, 2023