Trading Members of the Exchange are hereby informed that the undermentioned suspended companies at the Exchange have been compulsorily delisted by NSE. In view thereof in terms of Rule 21(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (“Regulations”) which states that “If the securities is delisted under clause (1), ……. the said securities shall be delisted from all recognized stock exchanges”, these companies would be delisted from the platform of the Exchange, with effect from July 22, 2022.
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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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519373
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Vimal Oil & Foods Ltd *
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2
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513151
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STI India Ltd.
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3
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532332
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Cura Technologies Ltd.
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Consequences of compulsory delisting.
1) As per SEBI (Delisting of Equity Shares), Regulations, 2009 / SEBI (Delisting of Equity Shares) Regulations, 2021:-
· 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 mentioned in the notice issued by NSE dated March 22, 2022, which will be mentioned in the Public Notice to be issued shortly.
· Further, in terms of Regulation 24 (1) of SEBI (Delisting of Equity Shares), Regulations, 2009 read with Regulation 34(1) of SEBI (Delisting of Equity Shares) Regulations, 2021, 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 read with Regulation 34(2) of SEBI (Delisting of Equity Shares) Regulation, 2021, 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 [read with Regulation 33(4) of SEBI (Delisting Of Equity Shares) Regulation 2021], 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.
*As the company is under liquidation / liquidated, in terms of guidance received from the Securities and Exchange Board of India, the provisions of Regulation 24 of the SEBI Delisting Regulations 2009 [read with Regulation 34 of SEBI (Delisting of Equity Shares) Regulations, 2021] reproduced below, would not apply to the companies / promoters / whole time directors of these companies, if the date of the appointment of provisional liquidator or the order of winding up is prior to the date of compulsory delisting
Regulation 24: “Where a company has been compulsorily delisted under this Chapter, the company, its whole time directors, its promoters and the companies which are promoted by any of them shall not directly or indirectly access the securities market or seek listing for any equity shares for a period of ten years from the date of such delisting……..,”
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 email id bse.delistscn@bseindia.com.
Netra Sahani Arpita Joshi
Addl. General Manager Manager
Listing Compliance
July 20, 2022
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