BSE to suspend trading in securities in 18 companies

The Bombay Stock Exchange (BSE) today said it will be suspending trading in securities of 18 companies with effect from January 4.

The action follows these companies not complying with the various clauses of the Listing Agreement, the exchange said in a release here.

They have failed to comply with the various provisions of the agreement up to the quarter ended March 2009, it said.

The companies are Harig Crankshafts, Prag Bosimi Synthetics, Rathi Ispat, Harvic Management Services India, Wisec Global, International Hometex, Advance Multitech, Konkan Tyres, Hinafil India, Virtualsoft Systems, Sri Jayalakshmi Spinning Mills, Sriven Multi Tech, Padmanabh Alloys & Polymers, Nuway Organic Naturals India, IFSL Ltd, Triumph International Finance India, Vital Communications and IQ Infotech.

In case a company complies with all the provisions of the agreement on or before December 24, trading will be suspended for five days (up to January 8, 2010), it said.

If a company complies on or before January 18, 2010, then the trading in its securities will be suspended for 30 days (up to February 4, 2010), BSE said.

However, if a firm fails to comply with the agreement on or before January 18, the suspension will continue till such time the company complies with the rules prescribed for revoking suspension in a scrip, the release said.