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Wednesday, December 10 1997

Hyderabad stock exchange suspends 253 companies

FE News Service

Hyderabad, Dec 9: Hyderabad Stock Exchange (HSE) has suspended 253 companies from trading since yesterday for non-compliance with listing agreement. The governing board of the exchange which met last week has taken the decision against the companies for not submitting the annual reports as per clause 31 of the listing agreement in spite of repeated notices sent to them, according to HSE officials.

Clause 31 says, the company is bound to forward the annual report, balance sheets and profit and loss accounts and all other related special reports to the exchange as soon as they were ready before end June.

However, most of these companies have not even audited their accounts for the year ending March 1997, says the official.

The defaulting companies include Aditya Alkaloids, Aditya Exports, AP Power Tools, Coromandel Pharmaceuticals, Frontier Info Tech, GTC Industries, Hindustan Organic Chem., JVG Departmental Stores, JVG Finance, Kumar'sMetallurgical, Merbanc Financial Services, Kitti Steels, KLJ Plastics, Ravileela Dairy and SIEL Ltd.

The list include around half a dozen aqua-based companies and also deep sea fishing companies from Hyderabad Fishing Falcon and Bay Liners which were figured even in the last years' list. Also the list contains companies affected due to financial crunch from granite, financial services, and chemical and pharma industry.

A senior HSE broker commented that the suspension will not affect much of the trading as most of these companies have not been traded on the bourse for quite a long time. However, referring to the Dhanuka committee recomendations he feels that it would advisable to penalise the company rather than suspending it.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.

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