India's leading stock exchange Bombay Stock Exchange (BSE) has stated that it will delist two companies from July 7, 2020 namely, Sancia Global Infraprojects Limited and Delma Infrastructure Limited as trading in their shares has remained suspended for past 6 months period.
"Two companies that have remained suspended for more than 6 months would be delisted from the platform of the exchange, with effect from July 7, 2020 pursuant to order of the delisting committee of the exchange," BSE said in a regulatory statement.
The exchange has been delisting companies in the last few years, which have suspended trading for a long time.
Due to the suspension. promoters of these companies are required to purchase the shares from the public shareholders as per the fair value. The fair value is determined by the independent valuer appointed by BSE.
Post the order, the delisted companies, their whole-time directors, promoters and group firms will be debarred from accessing the securities market for a period of 10 years.
"Further, these companies would be moved to the dissemination board of the exchange for a period of 5 years as directed by Sebi," the BSE added later.
(Edited with PTI inputs)