BSE to suspend trading in 28 companies for non-compliance

Trading in securities of the 28 companies will be suspended from 30th December due to non-compliance of the listing agreement, says BSE

BSE has said it will suspend trading in securities of 28 companies for the companies’ failure to comply with various provisions of the listing agreement. “Trading in securities of these 28 companies will be suspended from Tuesday, 30 December 2013 (being 15 trading days from issue of notice); on account of non- compliance with the provisions of the Listing Agreement,” BSE said.


The 28 companies which will face suspension are mentioned in below table.


Sr. No

Scrip Code

Company Name



Allied Computers International (Asia) Ltd



Amalgamated Electricity Company Ltd



Anand Credit Ltd



Ashco Niulab Industries Ltd



Crew B.O.S. Products Ltd



Emporis Projects Ltd



Iris Mediaworks Ltd



KLG Systel Ltd



Lords Chemicals Ltd



LS Industries Ltd



Maestros Mediline Systems Ltd



Marvel Capital & Finance India Ltd



Nakshatra Infrastructure Ltd



Parekh Distributors Ltd



Polar Industries Ltd



Sanmit Infra Ltd



Secure Earth Technologies Ltd



Sharp Industries Ltd



Sindhu Trade Links Ltd



SM Energy Teknik & Electronics Ltd



Sql Star International Ltd



Stelco Strips Ltd



Sun Granite Exports Ltd



Taksheel Solutions Ltd



United Van Der Horst Ltd



Vanasthali Textile Industries Ltd



Vibros Organics Ltd



Yash Trading & Finance Ltd


As per the rules and bye-laws of the exchanges and the provision of Securities Contracts (Regulation) Rules, 1957, a company listed on an exchange is required to comply with various clauses of the Listing Agreement, failing which trading in securities of such defaulting companies is liable for suspension.


These 28 companies have not fulfilled the BSE requirements for continuous listing till the quarter ended June 2013, BSE said in a statement.


As per the stock exchange, if the companies comply with listing norms on or before 19 December 2013, trading in their securities would be suspended for five trading days up to 3 January 2014. However, if they fail to do so, the suspension would continue till such time the company complies with the procedure laid for revoking suspension.


“Suspension of trading in securities of a company will be revoked only if the company has complied with all the provisions of the Listing Agreement up to the latest quarter for which the compliances are required,” BSE said.



Dayananda Kamath k

4 years ago

these rules again show that regulators are the sponsorors of fraud on investors. why a share is to be delisted for the errors of the company management. prosecute the wrong doers and not the investor. that is why they come again and again to dupe the hapless investor.


4 years ago

What kind of investor protection is this?

Why should outside and passive investors be penalised for the misdeeds of controlling shareholders.

Vaibhav Dhoka

4 years ago

Suspension of trading leads to ultimate loss to small investors.Instead tho directors should be criminally prosecuted.And recovery of dues must be made through civil procedure.

Infosys’ revenue growth will still be choppy, the management tells analysts

Infosys management indicated that the challenges to growth were more internal rather than external, as it would take time for the company to absorb the recent organisational changes, finds Nomura

Infosys indicated that despite the improvement in the demand environment it’s near term revenue growth will still be choppy, says Nomura in a research note based on interaction with the management of the company. This is for two reasons: 1) 3Q and 4Q are seasonally weak quarters due to the holiday season; and 2) impact on revenues from recent internal changes viz. a) creation of five new P&L units, b) consolidating Lodestone into Consulting and System Integration, and c) ongoing cost rationalization, all of which have led to people movement across the company.


According to Nomura, Infosys management indicated that the challenges to growth were more internal rather than external, as it would take time for the company to absorb the recent organizational changes. There has not been any impact from the senior management exits, however, as Infosys has expanded its leadership team by promoting several executives to more than fill the gap caused by the exits, according to management, reports the research note.


Productivity improvement is likely to play an important role in improvement in margins for the company, reports the research note.  Infosys sees bigger returns from this lever, by increasing offshore revenue mix and reducing onsite costs by right sizing role ratios. However, these changes are likely to be gradual and over the medium to long term, as internal teams have to be comfortable with the changes. Also, Infosys will have to continue to make investments in the business to increase margin profile. Infosys is clear that they cannot afford to remain below industry in revenue growth.


According to the research note, Infosys is likely to do well in the following market segments: manufacturing and retail, telecom, consulting and system integration, healthcare and financial services. Infosys has seen a significant uptick in win ratios in Infrastructure management services (IMS) and has won end-to-end deals consisting largely of IMS.


On stock market performance of Infosys, Nomura has reiterated its ‘Buy’ rating on account of the company’s return to near industry growth rates. This is likely to be maintained with: traction improving in the commoditised segments where it was lagging peers; and upside possibilities from a pick-up in discretionary spending. Margin upsides at Infosys are also likely from cost-optimisation initiatives. Nomura expects near-term stock performance to be driven by margins rather than significant growth in revenues.



Suiketu Shah

4 years ago

NM style of underestimating (in public) their growth is the way it shd be.Interestnig very very few "experts" recommend Infosys as they donot need "experts pushing their shares.Their performance in last 6 months esp speaks for itself and more to come in 2014 with an even weaker rupee.


4 years ago

Besides the changes in the working/functioning the Company should also explore takeover of good companies. Such investment would put its ideal money to good and profitable use.

Australian and Belgian regulators show the way to fair consumer lending practices

In what could usher a new era of regulation, Australian and Belgium regulators are now taking consumer protection to the next level. Will Indian regulators listen to Indian consumers?

Australian and Belgian regulators have been making plenty of headway in the realm of consumer protection and are showing the world that consumers’ voices matter and their interest must be looked after. The Consumer International, of which Moneylife Foundation has been admitted as a supporter category, has cautiously welcomed the moves made by Australian regulators. Similarly Belgian regulators have issued strict guidelines for consumer protection from predatory and unscrupulous malpractices.

Most of the time, banks engage in predatory lending practices and shove needless loans to borrowers which may be difficult to repay (not just in Australia, but all over the world as well, including India). However, according to a Consumer International report issued in November 2013, the credit regulation in Australia has been stringent since 2009. One of the conditions for banks to process a loan is to first find out if the loan is suitable at all and whether borrowers are able to repay. “A loan is considered to be not unsuitable if it meets the consumer’s requirements and objectives, and the consumer has the capacity to repay the loan without experiencing substantial hardship,” noted the Consumer International report. Consumer groups have largely welcomed the reforms which oblige lenders to demonstrate that the credit is not unsuitable for the borrower.

To enable borrowers assess whether they need a loan, lenders are supposed to handhold borrowers and aid them in their process without shoving the debts down their throats, so to speak. The report mentions the following points that Australian regulators have mandated in their guidelines:

  • Make reasonable enquiries about the consumer’s (or borrower’s) financial circumstances;
  • Take reasonable steps to verify the consumer’s (or borrower’s) financial situation; and
  • Make an assessment that the credit is ‘not unsuitable’ for the consumer (or borrower), based on the previous two steps

The Consumer International report also notes that Australian Securities and Investments Commission (ASIC), the apex securities regulator (and equivalent to our very own SEBI), has already clamped down on wrong-doers and violators, including company directors. The report said, “ASIC has recently launched its own action on a breach of responsible lending obligations. This action involves consumers who ASIC alleges were given loans that were unaffordable and not suited to their requirements. ASIC has also recently banned company directors and cancelled the credit licence of an appliance rental company that was failing to comply with responsible lending obligations.”

While ASIC is cleaning up the system, SEBI is merely coming with half-baked ideas to clamp down on mis-selling. It even lets go company officials and directors by providing them with the consent order facility, where violators pay a large amount of fine and get away without admission of guilt. Further, SEBI enforced the Advisors Regulations which backfired. And now it is trying to clamp down on research analysts. But it is still ignoring the voice of consumers. For instance, its SCORES complaints mechanism is essentially broken, as we have pointed out. The Consumer International report cites the importance of an effective complaint mechanism. It said, “Regulators should monitor data about complaints and levels of consumer debt at the national level and, where applicable, state/regional level and use this information to develop regulation. The generic complaint data, including reports on individual companies, should be made available to the public.” Here are some points it has highlighted with regard to complaints.

  • Lenders should have effective internal procedures for handling consumer complaints in an appropriate and timely manner.
  • Consumers should have access to independent advice if they are concerned that they may have not been treated fairly by a lender.
  • Companies should make information readily available about their complaints procedure and independent sources of dispute resolution.
  • In the event that consumers are not satisfied with a lender’s response, they should have access to expedient, inexpensive and efficient third-party mechanisms for dispute resolution.”

Even Belgian regulators are serious about consumer protection. Their regulators have banned certain forms of advertising. For instance, advertisements should NOT highlight the ease or speed with which one can obtain the loan. Similarly, advertisement should not encourage a borrower in financial difficulty to borrow. Yet, both of these are freely telecast in India, especially with the ease of obtaining a loan. For instance, gold loan were a craze recently because ads highlighted the ease at which one could walk in and pawn their gold for loans. Even credit card loans and home loan hard-selling has become the norm. In fact, Belgian regulators have mandated advertisers carry the exact warning: “Attention, borrowing money also costs money.” It also prohibits ads from giving an impression that the interest rates advertised will be used when borrowers buy them.

The Consumer International report also noted the importance of consumer organisations and the need for highlighting such practices to the masses and make consumers aware of them. The report said, “Effective, well-funded consumer organisations have a fundamentally important role to play in supporting the development and adoption of effective consumer protection legislation; highlighting abusive practices and protecting the consumer from being the victim of predatory practices. This is a vital service for individual consumers, the economy and society as a whole.” This is exactly what Moneylife Foundation, one of its kind in India and the voice of Indian savers, has been doing since 2006. Through various seminars and events, as well as through the Moneylife website, it has been highlighting the various malpractices of not just banks but also financial intermediaries like brokers, insurance sales people (it also provides free insurance helpline), portfolio management services. It has also been pointing out a number of dangerous (and mushrooming) Ponzi and MLM schemes which have taken advantage of poorly framed regulations, resulting in lakhs of duped investors. Moneylife Foundation has even written several memorandums, and have highlighted various issues, like this, of which have resulted in actions from regulators and policy makers (such as this, this, this, this and this to name a few).

These regulations were passed recently (Australia in 2009 and Belgium in 2010) in the aftermath of the 2007-08 sub-prime crisis. In a few years, it remains to be seen how effective their oversight will be and the quality of enforcement. At least, these regulators have acknowledged the importance of consumer protection in a world where harmful products are launched every other day, backed by false advertising.


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