BSE to suspend trading in 48 non-compliant cos from July 11
Mumbai: The BSE on Wednesday said it has decided to suspend trading in securities of 48 companies for non-compliances of various clauses of the Listing Agreement with effect from July 11, 2012.
Among the 48 companies are --Midvalley Entertainment, Unitech International, Sparc Systems, Indus Networks and Vital Communications.
"...48 companies have failed to comply with various provisions of the Listing Agreement up to quarters ended September 2011 and December 2011," the BSE said in a statement.
It also said that trading in securities of these companies would be suspended with effect from July 11, 2012 on account of non-compliance with the provisions of the listing agreement.
The stock exchange said if a company complies with the provisions of the listing agreement on or before July 3, then trading will be suspended till July 17.
In case a company fails to comply with the provisions till July 3, then its trading will be suspended till it complies with the norms.
The BSE noted that suspension of trading in securities of a company would be revoked only if the company has complied with all the provisions of the listing agreement up to the latest quarter for which compliance is required.
As per the provision of Securities Contracts (Regulation) Rules, 1957 and the Rules, Bye-laws and Regulations of the Exchange, a company listed on BSE is required to comply with various clauses of the listing agreement, failing which trading in securities of such defaulting companies is liable for suspension.