Amended to Listing Agreement

      SEBI, on 5^th April 2010, amended certain clauses of the Listing agreements

      The highlights of the said amendments to the listing agreements are as follows:

1.      Clause 24 - Requirement of auditors certificate for accounting treatment under scheme of arrangement

The listed entities while submitting the scheme of amalgamation/merger/reconstruction etc. shall also submit to the concerned stock exchange, an auditors’ certificate to the effect that the accounting treatment contained in such schemes is in compliance with all the applicable Accounting Standards  specified  by  the  Central  Government  in  Section  211(3C)  of  the Companies Act, 1956.

2.      Amendment to clause 41(I)(c),(d)(e) and 41(VI)(b) - Timelines for submission and publication of financial results by listed entities

The listed entities shall disclose on standalone or consolidated basis, their quarterly (audited or un-audited with limited review) financial results within 45 days of the end of every quarter.

The audited annual results on stand-alone as well as consolidated basis shall be disclosed within 60 days from the end of financial year for those entities which opt to submit their annual audited results in lieu of the last quarter un-audited financial results with limited review.

With regard to publication of consolidated results alone, the following details shall be published on Standalone basis:

a)      Turnover

b)      Profit before tax

c)      Profit after tax

3.      Insertion of Clause 41(I) (g) Voluntary  adoption  of  International  Financial Reporting Standards  (IFRS)  by listed entities having subsidiaries

4.      Insertion of clause 41(V) (h) and Annexure IX Interim disclosure of Balance Sheet items by listed entities

It has been decided that listed entities shall disclose within 45 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.

5.      Insertion of Clause 41(1) (h) Requirement of a valid peer review certificate for statutory auditors from ICAI

6.      Amendment to Annexures V, VI, VII and VIII to clause 41- Modification in formats of limited review report and statutory auditor’s report –

7.      Insertion of Clause 49(II)(D)(12A)- Approval of Audit Committee  for appointment of ‘CFO’ of the Company

8.      Applicability

                          i)      The provisions relating to Peer review certificate of auditors shall be applicable from for accounting periods commencing on or after April 01, 2010.

                        ii)      The provisions relating to merger/amalgamation shall be applicable to  all  schemes that are being filed before the Hon’ble Courts/Tribunals on or after the date of this circular

                      iii)      All the other provisions shall be applicable with immediate effect.

      Pl find enclosed the circular of SEBI for further details.