Exchanges to suspend trading in Kingfisher, UBE
8 Nov 2014 5:40 AM IST
In UB Engineering, which has a market cap of about Rs 14 crore, public holds 59.26 per cent stake while promoter group controls 40.74 per cent. In case these companies fail to comply with the provisions of the Listing Agreement on or before November 25, 2014, then trading in their shares would be suspended from December 1 and the suspension will continue till such time the company complies including the payment of fine.
After 15 days of suspension, trading in the shares of non-compliant companies would be allowed on Trade for Trade basis in on the first trading day of every week for six months, NSE said. BSE has taken similar action against 21 companies, including Kingfisher and UB Engineering. Kingfisher Airlines is already facing a close regulatory scrutiny over suspected lapses in its accounting practices and the Corporate Affairs Ministry is looking into possible violations of Companies Act.
After 15 days of suspension, trading in the shares of non-compliant companies would be allowed on Trade for Trade basis in on the first trading day of every week for six months, NSE said. BSE has taken similar action against 21 companies, including Kingfisher and UB Engineering. Kingfisher Airlines is already facing a close regulatory scrutiny over suspected lapses in its accounting practices and the Corporate Affairs Ministry is looking into possible violations of Companies Act.
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