United Spirits, Kingfisher Air face axe for listing violations

United Spirits, Kingfisher Air face axe for listing violations

FPJ BureauUpdated: Friday, May 31, 2019, 11:06 PM IST
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New Delhi : More than 100 listed companies, including United Spirits Ltd and long-grounded Kingfisher Airlines, have been slapped penalties for violating the Listing Agreement provisions set forth by Sebi and exchanges.

 Kingfisher, once a premium airline operated by Vijay Mallya-led UB Group, has faced penal actions including freezing of promoter shares, for violation to norms relating to timely submissions of Annual Report, shareholding pattern, financial results and reconciliation of share capital audit report.

United Spirits, wherein UB Group has sold majority control to UK-based liquor giant Diageo Plc, has also been found in non-compliance to the provision related to reconciliation of share capital audit report. USL as also UB group’s holding company United Breweries Holdings Ltd were slapped with fines last year for late submission of financial results.

Among others, NSE has also found Zylog Systems, Birla Power, Rajesh Exports, Tulip Telecom, Varun Industries and Bharati Shipyard to be non-compliant to one or more provisions of the Listing Agreement norms. BSE has also imposed penalties on 127 companies , including Dhanlaxmi Bank for late submission of corporate governance report.

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