Taking a serious note of the violation of listing agreement, the Bombay Stock Exchange has decided to suspend 26 more companies. This count is an addition to the big list of 1,615 companies that are already under suspension. “Trading in the securities of 26 companies listed on the BSE will be suspended with effect from September 14, 2007 until further notice on account of non-payment of annual listing fees for the financial year 2007-08 despite issue of reminders and show-cause notice,” the BSE said in a notice. According to the BSE, if any of these 26 companies makes the payment of annual listing fees prior to the date of suspension and complies with all other clauses of listing agreement, such companies would be suspended for five trading days w.e.f. September 14, 2007. If they make the payment of annual listing fees post the date of suspension but within one month of date of suspension and also complies with all other clauses of listing agreement and formalities for revocation, such companies would be suspended for one month from September 14, 2007. The data on BSE website shows, there are 7,753 companies listed on the BSE. Excluding the permitted securities, there are 4,853 companies listed on the oldest exchange in the country. This means nearly 20 per cent of the companies listed — 1,615 companies — are in the suspended category. Most of the companies under suspension raised funds from the market in the 1993-98 period when listing norms were lax. Some of the even disappeared after raising funds from the public. “The companies, which have lost their interest in business, are still listed and they should not have place on the bourse,” Sebi chief M Damodaran had said last month.320 companies in unknown categoryMUMBAI: There are 320 companies in the Unknown Category of the BSE. “The exchange sends all its correspondence (such as listing fees bill, copy of amendment to Listing Agreement, Investor’s complaints etc) to the companies listed on the exchange at its Registered Office address available with the exchange,” the BSE says. It has been observed that correspondence in respect of these 320 companies are returned undelivered by the postal authorities for reasons such as ‘not known’, ‘shifted’ etc. “The trading in the securities of these companies is already suspended by the exchange. The list is drawn as on December 29, 2006,” it says.
