The unfettered freedom accorded to corporates to raise resources from the capital market in the early nineties is now being debated with the burgeoning list of `Z' group securities.
The Bombay Stock Exchange (BSE), which recently classified `vanishing companies' as `Z' group securities, has published a list of 282 rogue firms which have flouted provisions of the listing agreement and are currently untraceable.
Stock exchange authorities will commence trading in the 282 scrips in the `Z' list some time next month. The Business Standard Research Bureau has tracked the trading pattern of these stocks and has arrived at some damning conclusions. One hundred and eighty-two companies, whose public issue records are available, raised Rs 1,191 crore between 1991-96.
