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Journalism of Courage
MUMBAI, JANUARY 10: According to the BSE, Beta Naphthol Ltd has not been responding to the complaints of investors regarding non-receipt of shares after transfer etc for quite some time. Letters issued to the company returned "undelivered", raising fears that the company might have vanished.
The companies are: APT Yarns, AS Rototech, Ahmedabad Advance Mills, Ajanta Tubes, Alfa Export, Ambuja Electocastings, Ambuja Zinc, Amigo Export, Amrut Credit, Amrut Industries, Anik Steels, Anmol Drugs, Anugraha Wood, Arihant Thermoware, Armaan Electric, Arvind Rashayana Udyog, Associated Ceramics, Atash Industries, B L Industries (India), Bell Remedies, Betalact Laboratories, Bhuvan Tripura Industries, Bluechip Stockspin, Carbon Composites (India) and Charminar Steels.
Some of these companies have stopped operations. “Many of them have not redressed investor complaints. Besides, they are rarely traded on the stock exchange. There are some cases where companies have not finalised financial accounts,” said a market source. The BSE created the Z category to put all such erring companies under one umbrella.
The BSE on Saturday suspended indefinitely eight B2 group scrips from January 10, pending further investigation. Trading in these scrips was initially suspended for three days due to high volatility and unusual volumes coupled with rise in share prices. With the BSE suspecting major price manipulation, these scrips have now been suspended indefinitely.
The BSE move to crack the whip follows widespread price rigging in several scrips, especially software stocks. “Share prices of these 8 scrips had gone through the roof recently. The exchange should have acted earlier,” said a broker. The scrips suspended by the exchange on Saturday are: Alps Infosys, Cauvery Software, Media Video, Sawaca Finance, VMF Softech, Trillenium Technologies, Net Vista and Top Cassettes.
