Regulation 32 - Statement of deviation(s) or variation(s)

Use of issue proceeds: listed entities must report deviations and explain utilisation until proceeds are fully utilised.

Listed entities must submit periodic statements indicating deviations from disclosed objects or category wise projected utilisation of issue proceeds, continue such reporting until proceeds are fully utilised, place these statements and any monitoring agency reports before the audit committee for review, and submit them to the stock exchange. Variations must be explained in the directors' report, and an annual auditor certified statement of funds used for other purposes must be prepared; annual disclosures are required for funds raised by preferential allotment or qualified institutional placement until full utilisation.