Leading bourses, Bombay Stock Exchange and National Stock Exchange, will suspend trading in the shares of United Breweries (Holdings) Ltd. from September 8, while the entire promoter shareholding has been frozen with immediate effect.
Trading in the Vijay Mallya-promoted UBHL would be suspended from September 8 on account of non-compliance with financial results and non-payment of fine for two consecutive quarters, NSE said in a communication. These are three months ended December 31, 2016 and March 31, 2017, respectively.
In case the company complies with the requirements before September 4, then the proposed trading suspension would not be imposed.
According to the bourse, the suspension would continue from September 8 till the firm complies with the requirements.
Similar directions have been issued against another company Net 4 India Ltd. by the NSE. In a separate communication, the BSE issued such directions to three other companies along with UBHL and Net 4 India. The other firms include Sang Froid Labs (India) Ltd., Oyeeee Media Ltd. and Spicy Entertainment And Media.
The BSE said Sang Froid Labs (India) has submitted financial results but not paid the applicable fines. With respect to Oyeeee Media, the company has submitted financial results but not paid the applicable fines for late submission of results for half year ended September 2016 and March 2017.
Spicy Entertainment and Media has not complied with Regulation 33 of Securities and Exchange Board of India Regulations (Listing Obligations and Disclosure Requirements) for half year ended September 2016 and March 2017.