Leading stock exchange BSE will suspend trading in shares of as many as 16 firms, including Manpasand Beverages and Binani Industries, from November 4 for not complying with listing norms pertaining to submission of quarterly financial results, among others.
However, if any company complies with the provisions of listing norms on or before October 31, trading in its securities will not be suspended, BSE said in a circular.
8K Miles Software Services, Atlas Cycles (Haryana) Ltd, Dion Global Solutions, Dolphin Offshore Enterprises (India) Ltd, High Ground Enterprise, JJ Exporters, Marg Ltd, Mayur Leather Products, Rathi Graphic Technologies, Sang Froid Labs (India) Ltd, Supreme Infrastructure India, Cosboard Industries, NR International and Real Growth Commercial Enterprises are the companies facing suspension.
BSE said that the companies have not submitted the financial results for March and June quarter and/or not paid the fine amount levied for such non-compliance.
Consequently, trading in securities of the companies will be suspended with effect from November 4 on account of "non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters -- March 2019 and June 2019".
"Trading in the securities of the companies would be suspended with effect from November 4, 2019, and the suspension will continue till such time the company complies including payment of fines," it added.
Regulation 33 pertains to submission of financial results.
With regard to Cosboard Industries, NR International and Real Growth Commercial Enterprises, BSE said these companies have submitted the financial results but "not paid the applicable fines".
Also, the entire promoter shareholding of the firms have been frozen from October 11 till further notice, the exchange said.
In a separate notice, NSE also said it will suspend trading in seven companies, including Binani Industries and Manpasand Beverages, from November 4 for not submitting financial results for March and June quarters.