India’s two major stock exchanges will suspend trading of grounded Kingfisher Airlines’ shares starting December 1st for failing to comply with rules on reporting financial reports, according to the bourses.
Kingfisher, founded by liquor baron Viijay Mallya and was once India’s number two carrier, has not flown for more than two years for the want of cash. The company last reported financial results for the three months that ended in December 2013.
The exchanges will also suspend trading of UB Engineering on the same date, part of Mallya’s UB Group, citing the company’s failure to report financial results for two consecutive quarters to the end of June.
Several other smaller companies are also facing trading suspensions for the same reason, according to the stock exchange notices.
The companies can avert trading suspensions if they comply with the financial results reporting rules and pay required fines by today, according to the exchanges, adding that the founder holding in the companies freezed on November 7th.