It has come to a shock that BSE and NSE, the leading stock exchanges are going to suspend trading in shares of nine companies. Among these companies, banking fraud accused Mehul Choksi’s Gitanjali Gems is also included.
The trading of Gitanjali will be suspended from 10 September 2018 for not following the listing norms related to the submission of financial results. The trading is being suspended because of companies’ inability to comply with the regulations of LODR (Listing Obligations and Disclosure Requirements) regulations for two consecutive quarters.
The firms whose stocks will be suspended for trading are as follows:
– Gitanjali Gems
– Easun Reyrolle
– Amtek Auto
– Panoramic Universal
– Haryana Financial Corporation
– Thambbi Modern Spinning Mills
– Samruddhi Realty
– Indo Pacific Projects
– Noble Polymers
It has, however, been stated that if these companies obey the provisions of the LODR regulations on or prior to the date mentioned by the exchanges, the trading in its security will not be suspended.
The date for suspension for BSE is 4 September 2018 and that in case of NSE is 5 September 2018. During the time, the shares of Thambbi Modern Spinning Mills, Indo Pacific Projects, and Samruddhi Realty were trading at the range of 2-5% lower on the BSE.
NSE has also mentioned that if the companies fail to obey the provisions of LODR regulations on or before 5 September 2018, their trading would be suspended from 10 September 2018. This suspension would continue till the time they comply with these norms.