Stock exchange major BSE will delist over 220 firms from its platform from Wednesday.
According to the BSE, stocks of 210 companies that have remained suspended for more than six months would be “delisted from the platforms of the exchange” with effect from July 4, 2018.
Besides, the scrip of six companies that have been compulsorily delisted by NSE, would be delisted from the platform of the exchange as well.
In addition, six companies that have remained suspended for “more than six months and whose status on the MCA (Ministry Of Corporate Affairs) website is reflected as ‘under liquidation or liquidated’ would be delisted from the platform of the exchange”, with effect from July 4, 2018.
The stock exchange major pointed out that as per regulator SEBI’s delisting regulations, 2009, the securities of these 222-odd companies would cease to be listed and traded on the BSE’s platform.
“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 BSE said in a separate notification.
“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.”