20 listed cos not complying with Clause 49

20 listed cos not complying with Clause 49
PTI
Comment E-mail Print Share
First Published: Tue, May 15 2007. 05 15 PM IST
Updated: Tue, May 15 2007. 05 15 PM IST
New Delhi: As many as 13 companies listed on the Bombay Stock Exchange (BSE) and seven on the National Stock Exchange (NSE) have not complied with clause 49 of the listing agreement during the quarter ended March 31.
BSE has said that for the quarter ended March 31, of the 204 companies in the BSE Group A, 13 have not complied with Clause 49 stipulations, Minister of State for Finance Pawan Kumar Bansal told Rajya Sabha in a written reply.
In case of NSE Nifty, seven out of 50 companies have yet to follow the Clause 49 guidelines, Bansal said.
However, he said, market regulator Securities and Exchange Board of India (Sebi) has not fined the companies not complying with the clause after the year 2000.
Clause 49 of the listing agreement contains provisions related to corporate governance and its compliance is mandatory for entities seeking listing for the first time and also for entities having a paid up share capital of at least Rs 3 crore or net worth of Rs 25 crore at any time in the history of the company.
There were 4,784 companies listed on the BSE and 1,250 companies on the NSE as on May 10.
Comment E-mail Print Share
First Published: Tue, May 15 2007. 05 15 PM IST
More Topics: Money Matters | Equities |