Leading bourses BSE and NSE will suspend trading in the shares of United Breweries (Holdings) Ltd from 8 September while the entire promoter shareholding has been frozen with immediate effect.
Liquor baron Vijay Mallya is a promoter of UBHL.
Trading in UBHL would be suspended from 8 September “on account of non-compliance with financial results and nonpayment of fine for two consecutive quarters”, NSE said in a communication. These are three months ended 31 December 2016 and 31 March 2017, respectively.
In case the company complies with the requirements before 4 September, then the proposed trading suspension would not be imposed.
According to the bourse, the suspension would continue from 8 September till the firm complies with the requirements.
Similar directions have been issued against another company Net 4 India by the NSE.
In a separate communication, the BSE issued such directions to three other companies along with UBHL and Net 4 India.