Relaxations by SEBI and MCA under disruption scenario: Some FAQs

4 replies
  1. Sneha
    Sneha says:

    Madam/ Dear Sir, thank you for this wonderful article. Further I want to ask extension has not been given for Disclosure of Promoter holding as on 31st March, 2020 under Regulation 31(4) of SEBI (SAST) Regulations. If promoters cant comply with the same due to lockdown and disclosure is given after lockdown ends, will it be treated as violation? Can Promoters be penalised for the delay in such disclosure

    Reply
    • Megha Saraf
      Megha Saraf says:

      Hi Sneha,

      Thank you for writing back to us.

      Currently, there has been no extension provided under the SAST Regulations. However, the BSE/NSE portal has allowed submission of “sd/-” signed copies as sufficient compliance. Accordingly, the promoters may comply with the same.

      Reply
  2. Rishi Agarwal
    Rishi Agarwal says:

    In the wake of this sudden crisis , most of the companies ( listed) will not be able to close thier books of accounts for the F.Y. ending 31st March, 2020 more so when the lockdown is extented till 14th April 2020.. how will the same be dealt while declaring the results for the last quarter & year to date 31st March 2020….

    Its very certain that not all the transactions may be reflected in the books especially for the month of March, 2020 …how will it effect the compliances under SEBI (LODR) 2015 ?

    Further disclosures of Related party trandactions have to be made within 30 days from the date of the publication of the results ( on half yearly) basis…Since nothing has been mentioned in this regard ( under extended exemptions) ..whether the same shall be construed in line with the exemption provided for publishing the results for the half year ended 31st March, 2020

    Regards

    Reply
    • Megha Saraf
      Megha Saraf says:

      Hi Sir,

      Thank you for writing back to us.

      As rightly mentioned by you, since the date for submitting financial results has been extended, the compliance under Regulation 23(9) w.r.t disclosure of RPTs alongwith the publication of the financial results has to be construed accordingly. Hence, the disclosure has to be made within 30 days of the publication of the financial results.

      Reply

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