Trading Members of the Exchange are hereby informed that the undermentioned 2 companies that have remained suspended for more than 6 months would be delisted from the platform of the Exchange, with effect from February 15, 2021 pursuant to order of the Delisting Committee of the Exchange in terms of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (“Regulations”).
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Sr. No.
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Scrip Code
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Company Name
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1
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535486
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Delta Leasing & Finance Ltd.
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2
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523810
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Divine Multimedia (India) Ltd.
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Consequences of compulsory delisting.
1) As per SEBI (Delisting of Equity Shares), Regulations, 2009:-
· The securities of these companies would cease to be listed and therefore not be available for trading on the platform of the Exchange.
· Promoters of these delisted companies will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the Exchange, as mentioned in the Public Notice to be issued shortly.
· Further, in terms of Regulation 24 (1) of SEBI (Delisting of Equity Shares), Regulations, 2009, the delisted company, its whole-time directors, promoters, and group companies shall be debarred from accessing the securities market for a period of 10 years from the date of compulsory delisting.
· Also, as per provisions of Regulation 24(2) of the SEBI (Delisting of Equity Shares), Regulations, 2009, in case of companies whose fair value is positive –
a) such a company and the depositories shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares held by the promoters/ promoter group and the corporate benefits like dividend, rights, bonus shares, split, etc. shall be frozen for all the equity shares held by the promoters/ promoter group, till the promoters of such company provide an exit option to the public shareholders in compliance with sub-regulation (3) of regulation 23, as certified by the concerned recognized stock exchange;
b) the promoters and whole-time directors of the compulsorily delisted company shall also not be eligible to become directors of any listed company till the exit option as stated in clause (a) above is provided.
2) Further, these companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as directed by SEBI.
In case the Trading Members require any clarification, they may contact Ms. Chinmayee Kanolkar on 022 22728103 or Ms. Anshu Shrivastava on 022-2272 8534 or on email id bse.revocation@bseindia.com.
Netra Sahani Arpita Joshi
Addl. General Manager Manager
Listing Compliance
February 11, 2021
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