Moneycontrol
Last Updated : Dec 12, 2017 09:16 PM IST | Source: PTI

BSE files proceedings against 7 companies under bankruptcy code

The proceedings have been filed under the Insolvency and Bankruptcy Code, 2016.

Leading stock exchange BSE today said it has filed proceedings against seven companies before National Company Law Tribunal (NCLT) for defaulting on payment of annual listing fees and may take similar action against over 100 such firms.

These seven firms are Neo Corp International Ltd, S Kumars Nationwide Ltd, Asahi Infrastructure & Projects Ltd, Mavi Industries Ltd, Tricom India Ltd, Twinstar Industries Ltd and Sezal Glass Ltd.

The proceedings have been filed under the Insolvency and Bankruptcy Code, 2016.

"BSE has already filed proceedings against the seven defaulting companies before the NCLT, Mumbai on account of their failure to pay annual listing fees over a period of time. Similar action is being envisaged against other companies too," the exchange said in a statement.

Further, the exchange may take similar action against 130 companies as such firms have failed to pay annual listing fees to BSE in spite of advance intimation, reminders and grant of sufficient time in the past few years.

"In the interest of investors, who may be trading in such companies, it has become incumbent to initiate action against such listed companies defaulting in payment of listing fees, under the Insolvency and Bankruptcy Code, 2016," BSE noted.
First Published on Dec 12, 2017 08:54 pm
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