USL, Kingfisher face axe for listing violations

USL, Kingfisher face axe for listing violations

 More than 100 listed companies, including United Spirits and long-grounded Kingfisher Airlines, have been slapped penalties for violating the Listing Agreement provisions set forth by the Sebi and exchanges.

Kingfisher, once a premium airline operated by Vijay Mallya-led UB Group, has faced penal actions including freezing of promoter shares, for violation to norms relating to timely submissions of Annual Report, shareholding pattern, financial results and reconciliation of share capital audit report.

United Spirits, wherein UB Group has sold majority control to UK-based liquor giant Diageo, has also been found in non-compliance to the provision related to reconciliation of share capital audit report. USL as also UB group’s holding company United Breweries Holdings were slapped with fines last year for late submission of financial results.

Another UB Group firm UB Engineering has been found to be repeatedly violating the norms relating to submission of financial results, among other violations.

NSE has also found companies like Zylog Systems, Birla Power, Rajesh Exports, Tulip Telecom, Varun Industries and Bharati Shipyard to be non-compliant to provisions of the Listing Agreement norms.

BSE has also imposed penalties on 127 companies, including Scooters India and Dhanlaxmi Bank for late submission of corporate governance report for the June quarter, while another 112 firms have been penalised for non-submission.

Besides, 85 companies have been fined for late-submission of shareholding pattern for June quarter and these include Dhanlaxmi Bank and MOIL, while 46 others have been penalised for non-submission.

There are many companies which have been found to be non-compliant on multiple counts and by both the exchanges.

In a warning on non-compliance by listed firms, Sebi Chairman U K Sinha had said the promoters must face the penal action first and the trading suspension or delisting would be the last resort so as to safeguard the interest of investors.

‘Listless’ Companies


Over 100 firms slapped penalties for violating the listing norms
 United Spirits, Kingfisher and any other companies fined
 BSE, NSE find several erring companies

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry