Thanx a lot for your prompt reply.
Sebi issued Clause 49 in February ’00. All Group A companies had to comply with its provisions by March 31, ’01. All other listed companies with a minimum paid-up capital of Rs 10 crore and net worth of Rs 25 crore had to comply by March 31, ’02 and the remaining listed companies with a minimum paid-up capital of Rs 3 crore or net worth of Rs 25 crore had to comply by March 31, ’03.
Subsequently, on 29 October ,04, Sebi amended the original Clause 49 and issued a new Clause 49.
But the schedule of Implementation mentioned in the Circular No. SEBI/CFD/DIL/CG/1/2004/12/10 October 29, 2004 states that
a) For entities seeking listing for the first time, at the time of seeking in- principle approval for such listing.
b) For existing listed entities which were required to comply with clause 49 which is being revised i.e. those having a paid up share capital of Rs. 3 crores and above or net worth of Rs. 25 crores or more at any time in the history of the Company, by April, 2005
I have read all the circulars till date all refer to Circular No. SEBI/CFD/DIL/CG/1/004/12/10 October 29, 2004.
So, is Clause 49 applicable to the Companies having a paid up share capital of Rs. 3 crores and above or net worth of Rs. 25 crores or more at any time in the history of the Company or to all the listed Comapnies. If it is applicable to all the listed Companies then please let me know the circular which states the same.
Thanx & Regards