The insolvency resolution plan for Sintex was approved on March 20th. As part of the resolution, the company was to be delisted and equity written off to zero. Meaning, the shares held by investors would be worthless.
As per Resolution Plan of Reliance Industries Limited jointly with Assets Care &
Reconstruction Enterprise Limited it is proposed that existing share capital of the Company
shall be reduced to Zero and the Company will be delisted from the stock exchanges i.e. BSE
and NSE
In spite of the circular coming over the weekend and the fact that the shares would be worthless, people were buying the shares yesterday:
Today, the exchanges announced that trading in Sintex would be suspended. No buying or selling will be allowed.
Note: As the shares are suspended from trading, these will not reflect in your holdings on Kite but you can check them on Console. There’s nothing you can do if you are holding these shares, unfortunately.
Hy @Juliandv you can check on this link of NSE and BSE webiste for de-listed stocks.
In Kite the de-listed or suspended stock shall not appear unless its suspension is revoked. However if you have already purchased the stock earlier it shall reflect in console.
The stocks get delisted when they don’t meet the exchange’s laundry list of requirements. If a stock is delisted, it won’t be traded on the stock exchange anymore. But stockholders still remain the owners. The stock still remains and they own shares even after it has been delisted.
Pursuant to the order of SAT dated 30.11 2022, suspension of trading in the equity shares will be revoked w.e.f. 12.12.2022… Investors dealing in the equity shares of the company are required to take note of information relating to the proposed resolution plan disclosed on the website of the Exchanges and take informed decision accordingly. It may be noted that the resolution plan proposes that existing share capital of the Company shall be reduced to Zero and the Company will be delisted from the stock exchanges.