Compliance time under Listing Agreement extended for quorum-related delay, without condonation of the default.

Time for compliance with Clause 41 of the Listing Agreement was extended by four weeks where the company could not convene a board meeting for want of quorum because security clearance for a director had been received only recently. The extension enabled publication of the audited financial results within the additional period. The Court clarified that the relief did not amount to condonation of delay, and the respondents remained free to examine the alleged default independently.

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Issues: Whether the time for complying with Clause 41 of the Listing Agreement could be extended further in view of the petitioner's inability to convene a board meeting for want of quorum.

Analysis: The petitioner sought additional time to comply with the requirement of publishing audited financial results, explaining that the necessary board quorum was still unavailable because security clearance for a director had been furnished only recently. In the circumstances, the Court granted a further period of four weeks for compliance. The Court also clarified that the extension would not amount to condonation of the delay and that the respondents remained free to examine the alleged default independently.

Conclusion: The period for compliance under Clause 41 of the Listing Agreement was extended by four weeks, but no finding was returned condoning the delay.

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