Amendment to the Listing Agreement
Summary
This circular mandates amendments to Clause 41 of the Listing Agreement regarding quarterly un-audited financial results and segment reporting. It introduces an alternative format for manufacturing and trading/service companies to report functional expenditure classifications. Additionally, it clarifies the applicability of Accounting Standard-17 on Segment Reporting for companies with varying accounting year start dates.
Text
The manufacturing and trading/service companies which have followed functional (secondary) classification of expenditure in the annual profit and loss account in their most recent annual report may furnish un-audited financial results on a quarterly basis in the alternative format enclosed at Annexure I.
Companies shall be required to disclose the audit qualifications along with the audited financial results published under Clause 41 of the Listing Agreement in addition to the explanatory statement as to how audit qualifications in respect of the audited accounts of the previous accounting year have been addressed in the financial results.
in respect of all the companies including companies whose accounting year has commenced before April 01, 2001, segment information prescribed under Clause 41 shall be given for the quarters ending on or after September 30, 2001.
in respect of companies whose accounting year has commenced on or after April 01, 2001, cumulative segment information (i.e. year to date figures) for the current year in addition to the segment information for the current quarter shall be given beginning with the quarter ended September 30, 2001.
in respect of companies whose accounting year has commenced before April 01, 2001, cumulative segment information shall be given for the period commencing from July 01, 2001 (i.e. from July 01, 2001 to the end of the current quarter) in addition to the segment information for the current quarter.
Source: SecMarx — Amendment to the Listing Agreement. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.