BSE, NSE To Suspend Trading In Coffee Day Enterprises, CG Power From Feb. 3
Coffee Day Enterprises and CG Power haven’t disclosed quarterly results so far in 2019-20, in violation of SEBI listing norms.
Bombay Stock Exchange Ltd. and National Stock Exchange will suspend trading in shares of Coffee Day Enterprises Ltd. and fraud-hit CG Power & Industrial Solutions Ltd. from Feb. 3 for not complying with SEBI’s listing norms pertaining to the submission of quarterly financial results.
Trading will not be suspended if these companies comply with the listing norms on or before Jan. 29, BSE and NSE said in separate circulars.
The exchanges said nor did these firms did submit the financial results for the April-June 2019 and July-September 2019 quarters neither they paid the fine amount levied for non-compliance, as required.
Consequently, trading in securities of these companies will be suspended with effect from Feb. 3, 2020, "on account of non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters—June 2019 and September 2019."
Regulation 33 pertains to submission of financial results.
Also, the entire promoter shareholding of the firms have been frozen from Jan. 10, till further notice, the exchanges said.