The BSE on Thursday said that it has decided to suspend trading in shares of 22 companies for varying periods, due to their non-compliance to the Listing Agreement clauses.
A company listed on a stock exchange is required to comply with various clauses of the Listing Agreement, failing which trading in securities of such defaulting companies is liable for suspension.
The BSE said in a statement that it would suspend 15 companies, with effect from December 19, which have failed to comply with various provisions of the Listing Agreement upto quarters ended December, 2010 and March 2011.
The 15 companies are Artillegence Bio Innovations, Baffin Engineering Projects, Betala Global Securities, CG Impex, Ficon Lease & Finance, Hanjer Fibres, IQ Infotech, Jhagadia Copper, Metalman Industries, MH Mills & Industries, Netvista Information Technology, Prashant India, Raghav Industries, Rose Zinc and Shukun Construction.
If any of these companies comply with all the provisions of the Listing Agreement on or before December 8, trading in securities of the company will be suspended for five trading days, or up to December 23.
In case a company complies with all the provisions of the agreement on or before January 2, 2012, the trading would be suspended for 30 days or up to January 17.
However, in case the company fails to comply with the provisions of the agreement, to the satisfaction of the exchange on or before January 2, the suspension would continue till such time the company complies with the procedure prescribed for revoking suspension in a scrip, the BSE said.
In addition, the BSE said that trading in the securities of seven firms, including Alfavision Overseas India Ltd and Ascent Exim India Ltd, would be suspended for five trading days from November 25 to December 1 on account of late compliance with the provisions of the listing agreement.
The other companies facing five-day suspension include Brindaban Holdings & Trading, Enrich Industries, Mukesh Strips, Richirich Inventures and Shree Rajiv Lochan Oil Extraction.