Leading stock exchange BSE has said it will delist two companies from July 7 as trading in their shares has remained suspended for over six months. For the last few years, the exchange has been delisting firms in which trading remained suspended for a long time.
"Two companies that have remained suspended for more than 6 months would be delisted from the platform of the exchange, with effect from July 7, 2020 pursuant to order of the delisting committee of the exchange," BSE said in a circular.
The two companies facing delisting are --Sancia Global Infraprojects Limited and Delma Infrastructure Limited.
Further, these delisted companies, their whole-time directors, promoters and group firms will be debarred from accessing the securities market for a period of 10 years.
Promoters of these 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.
"Further, these companies would be moved to the dissemination board of the exchange for a period of 5 years as directed by SEBI," the BSE noted.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
