Format for Auditors’ Certificate required under Clause 24(i) of the Equity Listing Agreement
Summary
SEBI issued this circular to prescribe a standard format for the Auditors' Certificate required under Clause 24(i) of the Equity Listing Agreement. The requirement mandates that companies file an auditors' certificate confirming compliance with Accounting Standards when proposing schemes of amalgamation or merger. This circular applies to all draft or final schemes filed with Stock Exchanges on or after March 25, 2014.
Text
Clause 24(i) of the Listing Agreement requires that the company... shall also file an auditors’ certificate to the effect that the accounting treatment contained in the scheme is in compliance with all the Accounting Standards specified by the Central Government in Section 211(3C) of the Companies Act, 1956.
In view of the above, it has been decided to prescribe a standard format for Auditors’ Certificate and the same is placed at Annexure A, which shall be followed by the companies.
This circular is applicable for all draft/ final scheme/ petition filed with the Stock Exchange(s) on or after the date of this Circular.
This circular is issued in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.
Source: SecMarx — Format for Auditors’ Certificate required under Clause 24(i) of the Equity Listing Agreement. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.