BSE suspends Minergy

In a recent statement, the local bourse said trades in Minergy’s shares had been suspended from October 15 “pending finalisation of certain matters which, in the opinion of the company, warrant temporary suspension of trading in order to avoid creation of a false market”. In equities trade, a “false market” is a situation where there is material misinformation or materially incomplete information in the market that impedes the accurate pricing of a company's securities.

The BSE said more details on the matter would be published as Minergy’s board gets clarity on the legal matter before court and the price sensitive negotiations which may lead to a significant transaction. In May, Minergy revealed that one of key creditors had taken the coal producer to the High Court, demanding that the company be placed in judicial management for the recovery of debt.