MUMBAI (Reuters) - India’s two main stock exchanges will suspend trading of shares of grounded Kingfisher Airlines Ltd KING.NS from Dec. 1 for failing to comply with rules on reporting financial results, the bourses said in separate notices.
Kingfisher, founded by liqour baron Vijay Mallya and once India’s No.2 carrier, has not flown for more than two years for want of cash. The company last reported its financial results for the three months ended December 2013.
The exchanges will also suspend trading of UB Engineering Ltd (UBE.NS), part of Mallya’s UB Group, from Dec. 1, they said citing the company’s failure to report financial results for two consecutive quarters to end-June.
The companies can avert trading suspensions if they comply with the financial results reporting rules and pay required fines by Nov. 25, the exchanges said on Friday, adding the founder holding in the companies had been freezed, effective Nov. 7.
Reporting by Devidutta Tripathy