NSE to delist 14 companies from its platform from August 31
Mumbai : Top bourse NSE is delisting as many as 14 companies from its platform from August 31, as these entities are in the process of winding up their respective businesses.
The companies to be delisted are — Chemox Chemical Industries, Ganapati Exports, Hamco Mining & Smelting, Mansukh Industries, Mardia Chemicals, Mardia Steel, Moolchand Exports, Motorol, Pal Peugeot and Ponni Sugars (Orissa).
Prudential Capital Markets, SIV Industries, SMZS Chemicals and Vibrant Investment and Properties are also among the companies on the list.
“It is hereby notified that it has been decided to delist (withdraw the admission to dealings in) securities of the…companies with effect from August 31, 2016, as these companies are under liquidation,” NSE said in a circular.
Liquidation refers to a process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed.
In April, an NSE public notice had named 80 companies for compulsory delisting as trading in shares of these entities had been suspended over a long period of time.
The firms, including Pyramid Saimira Theatre, had been asked to show cause as to why their respective equity shares “should not be delisted from the exchange”.
Under compulsory delisting, these firms would cease to be listed on the exchange and would move to the dissemination board of the exchange.
Bourses have been making efforts to delist companies suspended over long period of time, while market regulator Sebi is also planning to push for delisting of over 4,200 listed firms whose shares are not being traded.