National Stock Exchange has decided to delist Vijay Mallya-promoted Kingfisher Airlines Ltd and Plethico Pharmaceuticals Ltd and 16 other companies from 30 May.
NSE’s delisting move comes after BSE delisted over 200 companies from 11 May as trading in their shares remained suspended for over six months.
The decision comes at a time when authorities are clamping down on shell companies—listed as well as unlisted—for being allegedly used as conduits for illicit fund flows.
In August, markets regulator Securities and Exchange Board of India (Sebi) had directed the exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long.
