BSE files proceedings against 7 firms under IBC for defaulting on annual listing fees

The exchange said that it might take similar action against more such companies.

By: ENS Economic Bureau | Mumbai | Published: December 13, 2017 1:27 am
BSE files proceedings against 7 firms under IBC for defaulting on annual listing fees BSE has already filed proceedings against the seven defaulting companies before the NCLT, Mumbai on account of their failure to pay annual listing fees over a period of time.

The BSE has filed proceedings against seven companies before the National Company Law Tribunal (NCLT) for defaulting on payment of annual listing fees and indicated it might take similar action against more such companies.

These seven firms are Neo Corp International Ltd, S Kumars Nationwide Ltd, Asahi Infrastructure & Projects  Ltd, Mavi Industries Ltd, Tricom India Ltd, Twinstar Industries Ltd and Sezal Glass Ltd. The proceedings have been filed under the Insolvency and Bankruptcy Code, 2016.

“BSE has already filed proceedings against the seven defaulting companies before the NCLT, 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,” the exchange said in a statement.

Further, the exchange may take similar action against more companies as many of them have failed to pay annual listing fees to the BSE in spite of advance intimation, reminders and grant of sufficient time in the past few years. “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,” BSE noted.

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