Monday, 23 January 2017
NSE to delist 3 more companies
Dealing with long-suspended listed companies, National Stock Exchange (NSE) has decided to delist three firms from its platform from next month. The companies to be delisted are Arihant Threads, Kamper Concast and Krishna Engineering Works. This is in addition to 28 companies delisted from the exchange's platform during August and November.
Now, NSE has "decided to delist (withdraw the admission to dealings in) equity shares of the following companies with effect from February 7, 2017 as per Chapter V of Sebi (Delisting of Equity Shares) Regulations, 2009". Chapter V of Sebi deals with compulsory delisting. The market regulator has been pushing for delisting of over 4,200 listed firms whose shares are not being traded.
Earlier, the exchange had delisted 14 companies on November 22 and another 14 on August 31 from its platform, as these entities were in the process of winding up their respective businesses. In April, an NSE public notice had named 80 companies for compulsory delisting as trading in shares of these entities had been suspended over a long period of time.
Under compulsory delisting, these firms would cease to be listed on the exchange and would move to the dissemination board of the exchange. Bourses have been making efforts to delist companies that have been suspended for a long period.
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