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Journalism of Courage
Over 60 per cent of companies listed on the Bombay Stock Exchange have seen their share value fall in the last two years,Parliament was informed.
“During the period November 9,2007,to November 9,2009,of the 3,405 scrips traded at the BSE,prices of 2,116 scrips (constituting 62.14 per cent of the total scrips) have fallen,” Minister of State for Finance Namo Narain Meena said in a written reply in Lok Sabha.
Replying to a question if the government has any record of how many companies have raised money from the share market illegally in the past two years,the minister said it does not have any such information.
However,Meena said a joint mechanism Coordination and Monitoring Committee (CMC) — between the Corporate Affairs Ministry and market regulator SEBI has been adopted for identifying vanishing companies and settling policy issue regarding delinquent companies/promoters/directors and monitor progress of actions taken against companies.
“Out of those companies that brought out IPOs during 1992-2005,a total of 238 have been identified as vanishing companies,of which 117 have been tracked back as they have been regular in filing statutory returns etc…no company that had raised funds though public issue during the last two years has been identified as vanishing company,” he said.
