India’s bourses, NSE and BSE  have come up with guidelines to be followed in case a company goes into bankruptcy. This step has been taken to vigil investors and provide all required information about the insolvency process of the bankrupt companies to them.

In separate statements, the National stock Exchange and Bombay Stock Exchange said: "In the recent past, we have come across instances where the approved resolution plan provides for delisting of the company or write off/cancellation/extinguishment of existing equity shares without any payout/consideration to the existing shareholders." However, it is observed that there is a considerable time lag between the pronouncement of oral order by the NCLT. Companies generally hold on to the information and do not make any timely disclosure to the stock exchanges until receipt of a written copy of the order.

The guidance note offers that the Resolution Professional has to comply with Listing Obligations and Disclosure Requirements rules and in compliance, will disclose the fact of approval of resolution plan on oral pronouncement or otherwise of the order on immediate basis and not later than 30 minutes.

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