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30-odd Gujarat based companies overlook Listing Agreement

Nearly 30 companies from Gujarat have not submitted their corporate governance report to the National and Bombay Stock Exchanges for the quarter ending September 20,2008....

Written by Express News Service | Vadodara | Published: February 1, 2009 12:37 am

Nearly 30 companies from Gujarat have not submitted their corporate governance report to the National and Bombay Stock Exchanges for the quarter ending September 20,2008,which is mandatory under Clause 49 of the Listing Agreement. They are part of the 1,300-odd companies whose names have been made public by the stock exchanges recently.

Gujarat-based companies include the state PSU Gujarat State Financial Corporation (GSFC). It is a leading development financial institution. The mandate of GSFC is to sanction loans and advances to the small and medium scale enterprises. It has successfully given loans of over Rs 3,300 crore to about 47,000 units.

Among the private companies that have not submitted their governance report are, Madhur Industries Ltd,Parshwanath Housing Finance Corporation Ltd,Ahmedabad Gases Ltd,Ajwa Fun World & Resort Ltd,Alang Industrial Gases Ltd Alang Marine Ltd,Clarisis Organics Ltd,Jyoti Polyvinyl Ltd,and Saurashtra Paper & Board Mills Ltd.

The exchange has already suspended trading in Panchmahals Cement Company Ltd for not submitting the report.

As per the corporate governance norms,it is mandatory for companies to submit a quarterly report,signed either by the compliance officer or the CEO,to the stock exchange within 15 days from the close of the quarter.

The code has been periodically upgraded by the Securities and Exchange Board of India (SEBI) to ensure the adoption of best corporate governance practices by the corporates.

This time,the stock exchanges are a little more vigilant in the backdrop of the Satyam accounts scam.

Rajiv Khatlwala,a practicing Chartered Accountant,said: “Although it is mandatory,several companies have not been filing the governance report to the stock exchanges. After the Satyam episode,the regulator is also strict. There are chances of suspension of trading if they don’t submit the report.”

The companies

* Gujarat JHM Hotels Ltd
* Gujarat Aqua Industries Ltd
* Gujarat Arth Ltd
* Gujarat Bulk Packs Ltd
* Gujarat Capital Ventures Ltd
* Gujarat Cypromet Ltd
* Gujarat Filaments Ltd
* Gujarat Fiscon Ltd
* Gujarat Inject Kerala Ltd
* Gujarat Meditech Ltd
* Gujarat Narmada Flyash Company Ltd
* Gujarat Optical Communication Ltd
* Gujarat Perstorp Electronics Ltd
* Gujarat Raffia Industries Ltd
* Gujarat Texspin Ltd
* Gujarat Toolroom Ltd
* Panchmahals Cement Co. Ltd: Suspended
* Madhur Industries Ltd
* Parshwanath Housing Finance Corporation Ltd
* Ahmedabad Gases Ltd
* Ajwa Fun World & Resort Ltd
* Alang Industrial Gases Ltd
* Alang Marine Ltd
* Clarisis Organics Ltd
* Jyoti Polyvinyl Ltd
* Saurashtra Paper & Board Mills Ltd

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