Trading Members of the Exchange are hereby informed that the undermentioned 2 companies that have remained suspended for more than 6 months would be delisted from the platform of the Exchange, with effect from July 5, 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, 2021 (“Regulations”).
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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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511682
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IFL Promoters Ltd.
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2.
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530807
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Regaliaa Realty Ltd.
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Consequences of compulsory delisting.
1. As per SEBI (Delisting of Equity Shares), Regulations, 2021: -
· The securities of these companies would cease to be listed and therefore not be available for trading on the platform of the Exchange.
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, promoters, and 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 for a period of 10 (ten) years from the date of delisting.
· 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.
· Also, 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.
2. 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 email on id bse.delistscn@bseindia.com.
Netra Sahani Umesh Hanjankar
Additional General Manager Deputy General Manager
Listing Compliance Surveillance
July 03, 2023 |