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SEBI gives more time to companies for filing financial results

Our Bureau Mumbai | Updated on March 19, 2020 Published on March 19, 2020

Relaxes corporate governance norms for a month

To provide relief to companies, amidst the spread of Covid-19, SEBI has extended the time period for mandatory filing of quarterly and annual financial results for listed entities.

SEBI has given companies 45 more days to file financial results for the quarter ending March 2020 and 30 more days for filing the results for the financial year 2019-20. Under the new provision, companies can now declare both annual and quarterly results by June 30.

Khazat Kotwal, partner, Deloitte India, said, “...SEBI’s extension will be helpful for them to focus on the current business exigencies. Further, it will provide time to financial market regulators and business leaders to assess potential accounting guidance or additional disclosure requirements due to Covid-19.”

Also, the Ministry of Corporate Affairs has notified rules regarding holding of board meetings through video conferencing or other audio visual means. The MCA said it has relaxed the requirements of holding board meetings requiring physical presence of directors till June 30. Such meetings can be conducted through video conferencing for matters involving approval of financial statements as well as books of accounts, approval of the board’s report, and approval of matters relating to mergers and restructuring.

SEBI also has relaxed norms with regard to compliance certificate on share transfer by relaxing it for a month on half-yearly compliance certificates. Other relaxation is for three weeks for companies in resolving investor complaints, relaxation of one month in submission of annual compliance report, and one-month relaxation for filing quarterly corporate governance report.

“...Development arising due to spread of virus has warranted need for temporary relaxations in compliance requirements for listed companies,” SEBI circular said.

Published on March 19, 2020

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