The leading bourse BSE will delist as many as 222 companies from today, July 4, the as trading in their shares has remained suspended for over 6 months. The BSE circular reads — 210 companies that have remained suspended for more than 6 months would be delisted from the platform of the exchange, effective from July 4, 2018 pursuant to order of the delisting committee of the exchange.
The authorities have been tightening up on listed and non-listed shell companies for being allegedly used as conduits for illegitimate fund flows. In last year, August, the capital regulator Sebi had directed exchanges to act against 331 suspected shell companies, whereas the govt has already de-registered more than 2.00 lakh companies that have not been carrying out business activities for long.
The Exchange also said that six Cos, viz: Asian Electronics Limited, Birla Power Solutions Limited, Classic Diamonds (India) Limited, Innoventive Industries Limited, Paramount Print Packaging Limited and SVOGL Oil Gas and Energy Limited have been compulsorily delisted by the NSE, and would also be delisted from the BSE, effective from fourth July.
Separately, there are six companies to be delisted on July 4, that have remained suspended for over 6 months and are under liquidation, hence the provisions of delisting regulations would not applicable to these companies. These companies are namely MMS Infrastructure Limited, Oasis Textiles Limited, Integrated Finance Company Limited, Omnitech Info solutions Limited, Flawless Diamond (India) Limited and Indo Bonito Multinational Limited.