BSE has announced the compulsory delisting of three companies effective April 16, 2026, pursuant to orders of the Exchange’s Delisting Committee. These companies have remained suspended for more than 6 months. The delistings are governed under SEBI (Delisting of Equity Shares) Regulations, 2021, except for Matra Kaushal Enterprise Ltd, which falls under the 2009 Regulations.

Key Points

• Three companies to be compulsorily delisted from BSE with effect from April 16, 2026
• All three have been suspended for more than 6 months
• Companies affected: Creative Merchants Ltd (538504), Matra Kaushal Enterprise Ltd (526671), and Twinstar Industries Ltd (531917)
• Matra Kaushal Enterprise Ltd is governed by the older SEBI Delisting Regulations, 2009
• Promoters are required to provide an exit option to public shareholders at a fair value determined by an independent valuer appointed by BSE
• A separate Public Notice regarding fair value and exit offer will be issued shortly

Regulatory Changes

• Delisting is carried out under SEBI (Delisting of Equity Shares) Regulations, 2021 for Creative Merchants Ltd and Twinstar Industries Ltd
• Matra Kaushal Enterprise Ltd is delisted under SEBI (Delisting of Equity Shares) Regulations, 2009
• Under Regulation 34(1) of the 2021 Regulations: delisted company, its whole-time directors, persons responsible for compliance, promoters, and companies promoted by them are barred from accessing securities markets or seeking listing for 10 years from the date of delisting
• Under Regulation 24(1) of the 2009 Regulations: the same 10-year bar applies to the delisted company, its whole-time directors, promoters, and promoted companies

Compliance Requirements

• Promoters must purchase shares from public shareholders at fair value as determined by an independent valuer appointed by BSE
• Where fair value is positive (under 2021 Regulations, Regulation 34(2)):
  • The company and depositories must freeze transfers (sale, pledge, etc.) of promoter/promoter group equity shares
  • Corporate benefits (dividend, rights, bonus, split) shall be frozen for promoter/promoter group shares until exit option is provided to public shareholders
  • Promoters, whole-time directors, and compliance officers of the delisted company are ineligible to become directors of any listed company until the exit option is provided
• Similar freezing and eligibility restrictions apply under 2009 Regulations (Regulation 24(2)) where fair value is positive

Important Dates

• April 13, 2026 — Notice issued by BSE
• April 16, 2026 — Effective date of compulsory delisting for all three companies
• Public Notice regarding fair value determination and exit option to be issued shortly (date TBD)

Impact Assessment

• Investors/Public Shareholders: Securities of the three companies will cease to be listed and will no longer be available for trading on BSE. Public shareholders will be entitled to an exit offer at fair value once determined by an independent valuer.
• Promoters: Face severe restrictions including a 10-year ban on accessing capital markets, obligation to buy back shares from public at fair value, and potential freezing of their own shareholding and corporate benefits until exit compliance is certified.
• Directors: Whole-time directors and compliance officers of these companies will be ineligible for directorships in listed companies until exit obligations are met.
• Market Impact: Minimal broader market impact given the small-cap/suspended nature of these companies, but significant for affected retail shareholders who need to monitor the forthcoming Public Notice for exit offer details.