Financial disclosure timing for Indian Depository Receipts amended to require interim audited statements when reporting gap exceeds prescribed period. The amendment requires interim audited financial statements for an IDR issue when the gap between the latest audited financial statements disclosed and the opening of the issue exceeds the prescribed period; if the gap does not exceed that period, disclosure of a SEBI-specified statement in the prospectus describing changes in the issuing company's financial position suffices. A proviso allows foreign banks regulated by BIS members or IOSCO signatories to meet the requirement with financial statements based on a limited review report. Minor textual changes remove 'and financial status' and replace 'affairs' with 'statements.'
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Financial disclosure timing for Indian Depository Receipts amended to require interim audited statements when reporting gap exceeds prescribed period.
The amendment requires interim audited financial statements for an IDR issue when the gap between the latest audited financial statements disclosed and the opening of the issue exceeds the prescribed period; if the gap does not exceed that period, disclosure of a SEBI-specified statement in the prospectus describing changes in the issuing company's financial position suffices. A proviso allows foreign banks regulated by BIS members or IOSCO signatories to meet the requirement with financial statements based on a limited review report. Minor textual changes remove "and financial status" and replace "affairs" with "statements."
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