Saturday, 8 November 2014

Bourses to suspend trading in Mallya's Kingfisher Airlines, UB Engineering from Dec 1.......

MUMBAI: NSE and BSE, the two premier stock exchanges in India, will suspend trading in stocks of two Vijay Mallya-led companies, Kingfisher Airlines and UB Engineering, from December 1 for non-compliance of listing rules. On Friday evening, the top two stock exchanges sent out circulars to this effect.

The two bourses also froze the entire promoter shareholding of the two companies with effect from November 7. Along with these two companies, the BSE also suspended another 19 companies for non-compliance of listing norms while NSE suspended one more. "In case, any of the aforesaid companies comply (to the satisfaction of the exchange) with all the provisions of the listing agreement including payment of fines on or before November 25, 2014, trading in securities of the said companies will not be suspended," the BSE circular said.

The BSE circular further said that the suspension of trading in these will continue till these companies comply with the listing rules, including payment of fine. "15 days after suspension has been effected, trading in the shares of non-compliant companies would be allowed on Trade for Trade basis in Z group only on the first trading day of every week for six months," the circular