Mumbai: The Bombay Stock Exchange (BSE) announced suspension of trading in Ricoh India’s shares with effect from May 26 on account of non-compliance with Regulation 33 of Securities and Exchange Board of India (SEBI) Listing Regulations.
The BSE issued a notice to Ricoh India, giving the latter 21 days to comply with the board’s listing regulations, failing which the company faces suspension of trading in its securities.
BSE said the company has failed to report the results for the September 2015 and December 2015 quarters with the exchanges.
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Ricoh can avoid suspension only if it complies with the provisions of SEBI Listing Regulations, 2015, including payment of requisite fines, by May 20.
The BSE has also reportedly frozen the entire promoter shareholding of the company from May 4, 2016 till further notice.
Recently, Ricoh India was shifted from ‘B’ group to ‘Z’ group on the BSE. Trades in ‘Z’ group shares are settled on trade for trade basis, which means that only delivery-based buying or selling is permitted.