Manner of reviewing form b accompanying annual audited results [Omitted]

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.... accompanying annual audit reports submitted in terms of clause (d) of sub-regulation (3) of regulation 33 and clause (a) of sub-regulation (3) of 52: (1) Stock exchange(s) shall carry out preliminary scrutiny of reports accompanied by Form B including seeking necessary explanation from the listed entity concerned and consider the same based on materiality of the modified opinion(s). (2) The parameters for ascertaining the materiality of modified opinion(s) shall be the impact of these modified opinions on the profit and loss and financial position of the listed entity. (3) For the purpose of uniformity, stock exchange(s) shall consult one another for deciding the criteria for preliminary scrutiny. (4) Further, stock exchange(s)....

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.... referred to the Financial Reporting Review Board of Institute of Chartered Accountants of India, for their opinion on whether the modified opinion is justified. (c) Based on the opinion of the financial reporting review board, qualified audit report review committee may recommend the following: (i) If Financial Reporting Review Board opines that modified opinion is justified, qualified audit report review committee may recommend submission of revised proforma financial results, incorporating the effect of the modified opinion, to the stock exchange(s) in the manner as specified in para (E) below. (ii) If financial reporting review board is of the view that modified opinion is not justified, Institute of Chartered Accountants of In....