Amendment to the Listing Agreement
Summary
The Securities and Exchange Board of India mandates amendments to Clause 41 of the Listing Agreement regarding half-yearly financial results. Companies are required to prepare these results in a specific pro-forma format, subject to Limited Review by auditors, and submit them to Stock Exchanges within two months. Additionally, Item No. 9 of the pro-forma is modified to require disclosure of paid-up equity share capital with face value.
Text
In addition, the Company shall prepare the half yearly results in the same pro- forma with effect from half year ending on March 31, 2000 and the same shall be approved by the Board of Directors and subjected to a "Limited Review" by the Auditors of the Company (or by any Chartered Accountant in case of Public Sector Undertakings) and a copy of the Review Report shall be submitted to the Stock Exchanges within 2 months after the close of the half year.
For the purpose of this Review half year shall be construed as consisting of the first two quarters of the Company’s Financial Year.
If the sum total of First and Second quarterly un- audited results in respect of any item given in the same pro-forma format varies by 20% or more from the respective half yearly results as determined after the "Limited Review" by the Auditors, the Company shall send a statement (approved by the Board of Directors) explaining the reasons to the Stock Exchanges along with Review Report.
The Review Report shall be in the following format: 'We have reviewed the accompanying statement of unaudited financial results... Based on our review conducted as above, nothing has come to our notice that causes us to believe that the accompanying statement of unaudited financial results has not disclosed the information required to be disclosed in terms of Clause 41...'
Item No. 9 of the pro-forma for the unaudited financial results shall be modified as follows : 1. Paid Up Equity Share Capital (Face Value of the Share shall be indicated).
Stock Exchanges are advised to make the above amendments to the Clause 41 of the Listing Agreement immediately and confirm compliance.
Source: SecMarx — Amendment to the Listing Agreement. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.