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TMI BlogListing Conditions-Amendments to the Equity Listing AgreementX X X X Extracts X X X X X X X X Extracts X X X X ..... ' certificate for accounting treatment under schemes of arrangement- Amendment to clause 24 (i) It has been observed that in some of the recent schemes of amalgamation / merger / reconstruction, etc. (schemes) of certain listed entities submitted to the Hon'ble High Court for approval, there are included details of the accounting treatment to be given to various items in the process of amalgamation/merger/reconstruction etc. If this accounting treatment is not in accordance with the accounting standards specified under section 211(3C) of the Companies Act, 1956, the resultant financial statements of the entity concerned will not be in conformity with the accounting standards. (ii) In view of the above, it has been decided that while s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FRS) by listed entities having subsidiaries - Insertion of Clause 41(I) (g) (i) Various regulatory authorities are working on arriving at a roadmap for implementation of IFRS in India and on the steps to be taken for convergence of the Indian Accounting Standards with IFRS by April 01, 2011. (ii) In order to familiarize listed entities with the IFRS requirements within the aforesaid timeline, it has been decided to provide an option for listed entities having subsidiaries to submit their consolidated financial results either in accordance with the accounting standards specified in section 211(3C) of the Companies Act, 1956, or in accordance with IFRS. (iii) where the figures for the current period are as per IFRS and the figures for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity and its solvency position only on an annual basis. In the wake of the recent global financial crisis, the issue of solvency has come to the forefront from the shareholders' perspective. (ii) With a view to have more frequent disclosure of the asset-liability position of entities, it has been decided that listed entities shall disclose within forty-five days from the end of the half-year, as a note to their half-yearly financial results, a statement of assets and liabilities in the specified format. (f) Modification in formats of limited review report and statutory auditor's report -Amendment to Annexures V, VI, VII and VIII to clause 41 (i) Clause 41 of the Listing Agreement provides for periodical disclosure of financial results ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enclosed as Annexure. 4. Applicability (i) The provisions of para. 2 (a) above shall be applicable to all schemes of arrangement / amalgamation / merger / reconstruction / reduction of capital of listed entities that are being filed before the Hon'ble Courts/Tribunals on or after the date of this circular. (ii) The provisions of paras. 2 (b), (c), (e) and (g) shall be applicable with immediate effect. (iii) The provisions of para 2 (d) above shall be applicable to all financial statements submitted by listed entities to the stock exchanges after appointment of auditors for accounting periods commencing on or after April 01, 2010. 5. All stock exchanges are advised to ensure compliance with this circular and carry out the amendment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted; (b) in item (d), for the words "one month", " two months", wherever they appear, the words "forty-five days" and for the words "three months", wherever they appear, the words "sixty days" shall be substituted; (c) in item (e)(i), for the words "one month" and for words "two months", wherever they appear, the words "forty-five days" shall be substituted; (d) in item (e)(ii), after the words "to the stock exchange" the words "within sixty days from the end of the financial year" shall be inserted; (e) after item (e), the following item shall be inserted:- "(ea) As a part of its audited or unaudited financial results for the half-year, the company shall also submit by way of a note, a statement of assets and liabilities as at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... longwith the following items on a stand-alone basis, as a foot note:- (a)Turnover (b)Profit before tax (c)Profit after tax", shall be substituted; (iv) in sub-clause (VI) item (b), after para (iii), the following sub-para (iv) shall be inserted, namely:- "(iv) Companies that are required to prepare consolidated financial results for the first time at the end of a financial year shall exercise the option mentioned at (b) above in respect of the quarter during the financial year in which they first acquire the subsidiary." (v) in Annexure V, after the words "for the period ended……" the words "except for the disclosures regarding 'Public Shareholding' and 'Promoter and Promoter Group Shareholding' which have been traced from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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