NSE to complete delisting process of 140 cos in two months

Mumbai, Aug 28 (PTI) Looking to deal with long-suspendedlisted companies in a swift manner, the National StockExchange has identified 140 such firms for delisting from itsplatform and the process is likely to be completed byOctober-end. Trading in these 140 companies have remained suspendedfor five years and more and their delisting would take placein a phased manner, a top official with the NSE told PTI. The National Stock Exchange (NSE), which has in the lastfew days already announced delisting of 34 listed companies,is planning to delist another 46 firms by end of next month. Delisting of remaining 60 companies is also likely to becompleted by October-end. "NSE will delist these companies in tranches, a total of80 companies would be delisted by end of September, followingthat delisting for 60 companies would happen," NSE chief(regulations) V R Narasimhan said. "We have so far only identified entities in which tradinghas been suspended for five years and more, we are not lookingat initiating delisting process against companies which havebeen suspended for three years," he added. In April, NSE had named 80 companies for compulsorydelisting through a public notice. The firms, including Pyramid Saimira Theatre, had beenissued show-cause notices asking why their respective equityshares "should not be delisted from the exchange". NSE was unable to reach these firms but following thepublic notice, some of them have contacted the exchange. Someare going through liquidation process. Earlier this month, NSE had issued a notification statingthat 14 companies would be delisted from August 31 as theywere under liquidation. On August 26, it had also said that 20 companiesincluding Pyramid Saimira Theatre, would be delisted witheffect from September 12. Under compulsory delisting, these firms would cease to belisted on the exchange and would move to the disseminationboard of the exchange. The exchange’s closest rival, BSE, has also delisted 194companies on August 17. These entities have remained suspendedfor more than 13 years. Trading in shares of over 1,000 firms listed on the BSEare under suspension for a period of seven years or more. The delisting is taking place against companies whoseshares are listed on the exchanges but where trading has beensuspended for various non-compliance issues for long period. Besides, there are over 3,000 companies listed on variousregional stock exchanges that have become defunct. PTI SSM ARSMR MKJRDS