BSE to file case against defaulting listed companies under IBC

Leading bourse BSE on Tuesday decided to file proceedings against defaulting listed companies under Insolvency and Bankruptcy Code, 2016.

"A few listed companies have failed to pay Annual Listing Fees (ALF) to BSE in spite of advance intimation, reminders and grant of sufficient time in the past few years. Such companies continue to be listed and traded on BSE. There are about 130 such companies," said a BSE statement. 
 
Citing the interest of investors who may be trading in such companies, the BSE said that it has become incumbent to initiate action against such listed Companies defaulting in payment of listing fees, under the Insolvency and Bankruptcy Code, 2016 (“Code”).

The statement said, "BSE has already filed proceedings against the seven defaulting companies before the Hon’ble National Company Law Tribunal, Mumbai on account of their failure to pay annual listing fees over a period of time." 

It further said that similar action is being envisaged against other seven companies including Neo Corp International Ltd, S Kumars Nationwide Ltd., Asahi Infrastructure & Projects Ltd, Mavi Industries Limited, Tricom India Ltd, Twinstar Industries Limited and Sezal Glass Limited.