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Clause 32 of the Listing Agreement

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Clause 32 of the Listing Agreement

Postby Navneet Raghuvanshi » Thu Dec 13, 2007 5:58 pm

Dear All

I understand that SEBI's directions to amend Clause 32 which enabled companies to send salient features of B/S & p&l account has been put on hold.

Is this correct and if yes then can someone advise about the news items that my have appeared relating to this?

thanks
Navneet
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Re: Clause 32 of the Listing Agreement

Postby pawanl » Thu Dec 27, 2007 10:54 am

The relevant circular was effective immediately and SEs have already been directed to amend the listing agreement.

I think you should update us why are you certain or uncertain on the effectiveness of the circular?

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Re: Clause 32 of the Listing Agreement

Postby Navneet Raghuvanshi » Thu Dec 27, 2007 11:02 am

Dear Pawan

Have talked to the exchanges after my mail. The said clause has not yet been amended following representations from certain sections of investors and stock exchanges as well.

Would request you to check with the relevant clause in the Listing Agreements of both NSE & BSE, since the clause had not been amended therefore I had raised this query.

If you have any subsequent updates, please share the same with the Group.
Thanks
Navneet
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Re: Clause 32 of the Listing Agreement

Postby siddhartha.murarka » Thu Dec 27, 2007 12:38 pm

It is true that the amendment in Clause 32 was not incorporated in the LA on NSE / BSE websites till recently but I have not heard of the amendment being put on hold.
Siddhartha Murarka (ACS)
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Re: Clause 32 of the Listing Agreement

Postby Navneet Raghuvanshi » Thu Dec 27, 2007 12:42 pm

I cannot find any other reason (other than the amendment being put on hold) why the Listing Agreement has not been amended, becuase if you see Clause 41 though amended later has been incorporated in the Listing Agreement available on the websites of NSE/BSE.

Views solicited.

Thanks
Navneet
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Re: Clause 32 of the Listing Agreement

Postby siddhartha.murarka » Thu Dec 27, 2007 12:55 pm

You are right, although Clause 41 was amended later than clause 32 but clause 41 amendment has been incorporated but not clause 32. But saying that it has been put on hold, seems to be a little far-fetched, because these days if any thing like this happens then it immediately flashes in TV, internet and newpapers.
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Re: Clause 32 of the Listing Agreement

Postby Navneet Raghuvanshi » Thu Dec 27, 2007 1:07 pm

Dear Siddhartha

have spoken to NSE officials and they have confirmed that the Listing Agreement has not been amended.

So unless a SEBI Circular has not been given effect to in the Listing Agreement when the circular says that the same should be amended with immediate effect, we have no other option but to say that it has been put on hold.

Thanks
Navneet
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Re: Clause 32 of the Listing Agreement

Postby yogina » Tue Apr 08, 2008 11:30 am

Hi Navneet,

Till date position is same (not incorporated in LA as stock exchanges have some reservations on this).
Now what should be future course of action? should companies do follow the existing clause 32 or go by 26th April's amendment.

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Re: Clause 32 of the Listing Agreement

Postby yogina » Tue Apr 08, 2008 11:32 am

Hi Navneet,

Till date position is same (not incorporated in LA as stock exchanges have some reservations on this).
Now what should be future course of action? should companies do follow the existing clause 32 or go by 26th April's amendment.

views of all learned members solicited........................
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Re: Clause 32 of the Listing Agreement

Postby Navneet.Raghuvanshi » Tue Apr 08, 2008 2:33 pm

Dear Yogina

The only option left for the Companies is to follow the existing clause 32 and wait for the amendments to come into effect.

Thx.
Navneet
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Re: Clause 32 of the Listing Agreement

Postby snswamyfcs1956 » Mon May 05, 2008 7:32 pm

DEAR NAVNEET

GOOD AFTER NOON

CAN YOU PLEASE GIVE THE SPECIMEN FOR THIS CL 32 , old, REPORTING FORMAT

you can give this as an attachment also

with kind regards

s.narayanaswamy
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