The National Stock Exchange will delist nine companies, including Lanco Infratech Ltd. and Moser Baer India Ltd., from its platform on Oct. 17.
Amar Remedies, Supreme Tex Mart, Samtel Color, Hindustan Dorr-Oliver, Servalakshmi Paper, LML and Hanung Toys and Textiles are the seven other companies that will be delisted. These nine companies are "under liquidation", according to the NSE.
The exchange said it has been decided to delist [withdraw the admission to dealings] equity shares of these companies with effect from Oct. 17, 2019.
Over the past few months, India's stock exchanges have been making efforts to delist companies that have remained suspended for more than six months and whose status on the Ministry of Corporate Affairs' website is reflected as "under liquidation/ liquidated".
In September, NSE had delisted as many as 14 companies under 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 the Bombay Stock Exchange. Further, these delisted companies will be moved to the dissemination board of the exchange for five years as advised by the capital markets regulator.
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