Agria is the 50.1% shareholder but plays no part in the day to day running of PGW. I wouldn't expect any affect on the PGW share price as a result of Agria shares being suspended.
Agria will not be able to sell any shares they own in PGW because if they do, they will no longer be able to consolidate the PGW accounts within Agria. Agria selling down their PGW stake at this stage would cause a multi-million dollar loss for Agria as any remaining PGW stake was 'marked to market'. Last time I looked Agria was still highly indebted. So writing down that PGW stake might cause Agria to collapse. Agria have no other investments of any meaningful size outside of their stake in PGW.
It looks grim for Agria in the headlines now. But Chariman Alan Lai is the master of dance. I wouldn't discount his ability to waltz out of trouble just yet. A 2:1 share consolidation at Agria is all that it would take to fix things with the NYSE listing requirments.
SNOOPY