Padmini Polymers faces BSE action

MUMBAI, AUG 21: Padmini Polymers which was creating waves on the stock exchanges is facing action from the Bombay Stock Exchange (BSE). Th...

MUMBAI, AUG 21: Padmini Polymers which was creating waves on the stock exchanges is facing action from the Bombay Stock Exchange (BSE). The exchange has served a show-cause notice on Padmini Polymers Ltd (PPL) following complaints from investors of non-transfer of shares even 60 days after they were sent for transfer.

“If the company fails to give a valid reply, the exchange can suspend trading in its shares or transfer it to the Z-category of companies,” exchange sources said.

On the other hand, the Securities and Exchange Board of India (SEBI) has deferred its decision to make trading in PPL shares compulsorily in the dematerialised form for the time being. The SEBI had earlier notified that PPL shares, along with a number of companies, were to be compulsorily traded in the dematerialised form from August 28.

The PPL scrip had witnessed volatile trading last week following the SEBI notice and its decision to defer the move. Several investors complained that shares purchased by them which were sent for transfer in the physical form were not transferred by the company for as many as 60 days. Since the companies are required to transfer the shares within 30 days as per the listing agreement, BSE has issued the notice.

For Kolkata, the IMD has forecast mostly cloudy skies with light to moderate rain or thundershowers on most days through Panchami.

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