Brief: BSE To File Proceedings Against 7 Defaulting Listed Cos Under Insolvency And Bankruptcy Code
12/12/2017 11:53
Dec 12 (Reuters) - BSE Ltd BSEL.NS :
* BSE TO FILE PROCEEDINGS AGAINST DEFAULTING LISTED
COMPANIES
UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016
* PROCEEDINGS FILED AGAINST 7 DEFAULTING COS BEFORE NCLT,
MUMBAI
ON ACCOUNT OF THEIR FAILURE TO PAY ANNUAL LISTING FEES OVER
PERIOD OF TIME
* SIMILAR ACTION BEING ENVISAGED AGAINST OTHER COMPANIES TOO
* 7 COS INCLUDE NEO CORP INTERNATIONAL, S. KUMARS
NATIONWIDE,
ASAHI INFRA & PROJECTS, MAVI INDUSTRIES, TRICOM, TWINSTAR
INDUSTRIES, SEZAL GLASS
Source text:
[A few listed companies have failed to pay Annual Listing Fees
(ALF) to BSE in spite of advance intimation, reminders and grant
of sufficient time in the past few years. Such companies
continue to be listed and traded on BSE. There are about 130
such Companies.
In the interest of Investors who may be trading in such
Companies, it has become incumbent to initiate action against
such listed Companies defaulting in payment of listing fees,
under the Insolvency and Bankruptcy Code, 2016 ("Code").
Accordingly, BSE has already filed proceedings against the Seven
defaulting companies before the Hon'ble National Company Law
Tribunal, Mumbai on account of their failure to pay annual
listing fees over a period of time. Similar action is being
envisaged against other Companies too. Below are the names of
seven defaulting companies:
**Neo Corp International Ltd
**S. Kumars Nationwide Ltd.
**Asahi Infrastructure & Projects Ltd
**Mavi Industries Limited
**Tricom India Ltd
**Twinstar Industries Limited
**Sezal Glass Limited]
Further company coverage: BSEL.NS
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