| Submission of Annual Audited Results by 30th May 2012 |
| As the Corporates must be aware that SEBI, in the month of October 2011, made certain amendments to the Listing Agreement, including Cl 41 thereof. |
| As per the amended Cl 41, a new sub clause (I)(d) has been inserted, which mandates that w.e.f the Quarter/ the financial year ending on 31st December 2011, all listed companies have to submit the Audited Financial Results for the entire Financial Year, within a period of 60 days of the end of the Financial Year. That is to say, the option available under the erstwhile Cl 41 for submission of either the unaudited results for the last quarter or submission of audited results for the entire year, has now been done away with, and the listed companies have to mandatorily submit the Audited Financial Results only, that too within the specified period of 60 days from the end of the Quarter. |
| Further, in cases of listed companies having Subsidiaries, while submitting their annual audited financial results prepared on stand-alone basis, as mentioned above, they shall also submit annual audited consolidated financial results to the Exchanges within the stipulated period of 60 days from the end of the financial year. |
| The newly inserted clause also mandates that the companies shall also submit the audited financial results in respect of the last quarter alongwith the results for the entire financial year, with a note that the figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year. |
| Now, that the last quarter of the Financial Year is about to come to an end, thus all the Listed Companies (with April to March Financial Year), will have to gear up for having the Audits completed, have the financial results prepared-not just their own but also for the Subsidiaries thereof, and submit the same with the Exchanges within 60 days and thus comply with the amended provisions of Cl 41 by 30th May 2012. |
