Corporate Updates – 24-12-2015


The Company Law Board has issued a circular stating that the CLB is already uploading the orders passed by the Hon’ble Benches and daily/monthly cause list of all the Benches on its official web site. To bring more transparency in the working of the CLB and to facilitate the stakeholders, it has been decided to upload the certified copies of the "Interim Orders" passed by the Principal Bench and New Delhi Bench on its official web site w.e.f 1st January, 2016. Further, the Interim Orders passed shall remain exhibit on thc CLB web site for a period of 15 days and all Stakeholders are therefore, informed to view the interim orders and download the same with in the stipulated time.


BSE in the past had suspended trading in the securities of various companies on account of surveillance reasons and SEBI had also passed several orders against the concerned parties/companies, inter alia, in relation to unusual price movements vis -a- vis preferential issue price and weak financials of the company. BSE has felt necessary that further pre-emptive measures should be adopted to curtail misuse of the Exchange’s system and accordingly, various enhanced surveillance measures such as reduction in price band, suspension in the trading of securities, etc., will be adopted by the Exchange. As a preventive measure, trading in the securities of companies shall be suspended satisfying the parameters of the Exchange which includes preferential allotment done in past few years; pursuant to the provisions of Rules, Bye-laws and Regulations of the Exchange (Bye-law 21). Further, trading in the securities of such companies shall be suspended till such time the company submits an Auditor certificate, confirming each of the following and duly supported by the documents relied upon, with regard to the preferential issue(s) made by the company.

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