Leading stock exchange NSE will delist nine companies including Lanco Infratech and Moser-Baer from its platform from October 17.
Besides, Lanco Infratech and Moser-Baer, the other seven firms that will be delisted are — Amar Remedies, Supreme Tex Mart, Samtel Color, Hindustan Dorr-Oliver, Servalakshmi Paper, LML and Hanung Toys and Textiles.
According to the National Stock Exchange (NSE), these nine companies are “under liquidation”.
In a circular, the exchange said it has been decided to delist (withdraw the admission to dealings) equity shares of these companies with effect from October 17, 2019.
Over the past few months, the exchanges have been making efforts to delist companies that have remained suspended for more than six months and whose status on the MCA website is reflected as “under liquidation/ liquidated”.
In September, NSE has delisted as many as 14 companies under the the compulsory delisting regulations.
Under the compulsory delisting norms, the delisted company, whole-time directors, promoters and group firm would be debarred from accessing the securities market for 10 years from the date of compulsory delisting.
Promoters of these delisted companies will be required to purchase the shares for the public shareholders as per the fair value determined by the independent valuer appointed by BSE.
Further, these companies will be moved to the dissemination board of the exchange for five years as advised by Sebi.