Saturday, November 08, 2014

Exchanges to suspend trading in Kingfisher, UB Engineering

Mumbai: In a major clampdown for non-compliance of the Listing Agreement, top exchanges BSE and NSE on Friday announced suspension of trading in shares of Kingfisher Airlines and another group firm UB Engineering from next month.

Besides, the entire promoter shareholding of these companies has been frozen with effect from Friday itself.

The action follows non-compliance to a Listing Agreement clause relating to timely preparation and disclosure of financial results by a listed company for two consecutive quarters. The results are required to be disclosed by listed companies on the stock exchange platform for the benefit of investors.

In separate circulars, BSE and NSE said trading would be suspended in securities of Kingfisher and UB Engineering — both parts of crisis-hit UB group, headed by Vijay Mallya — with effect from December 1.

The suspension follows SEBI guidelines with respect to Standard Operating Procedure (SOP) for suspension and revocation of trading of shares of listed entities for non-compliance of the Listing Agreement that a listed company needs to follow pursuant to its shares getting listed and traded on a stock exchange.
07/11/14 PTI/The Hindu
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