June 21, 2021 02:22 PM
BSE, NSE suspend trading of DHEL shares; Following the resolution plan approved by the National Company Law Tribunal (NCLT) in a successful bid of Piramal Group for Dewan Housing Finance Corporation Limited (DHFL), the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) has suspended the trading in equity shares of DHFL.
The BSE and NSE circulars stated that DHFL had informed the exchanges on June 8 regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench “which provides for delisting of equity shares of the company”.
The NSE also said that the DHFL on June 9 stated that “no value was attributable to the equity shares as per the liquidation value of the company estimated by registered valuers appointed under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016”.
Further, the company has also mentioned that the written order of the NCLT approving the Resolution Plan is still awaited and all disclosures made remain subject to such orders, it said.
“In pursuance of Regulation 3.1.2 of the National Stock Exchange (Capital Market) Trading Regulations P. A. and for reasons mentioned above it is hereby notified that the following security will bc suspended from trading w.e.f. June 14, 2021 (i.e. closing hours of trading on June 11,2021),” the NSE circulated further stated.
BSE, NSE suspend trading of DHEL shares, The NSE also said DHFL had informed the exchange on June 8 regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench “which provides for delisting of equity shares of the company”.
To be sure, debt-ridden mortgage firm DHFL’s shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company.