TaxTMI 
TaxTMI 
Listing Conditions-Amendments to the Equity Listing Agreement
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....recent schemes of amalgamation / merger / reconstruction, etc. (schemes) of certain listed entities submitted to the Hon'ble High Court for approval, there are included details of the accounting treatment to be given to various items in the process of amalgamation/merger/reconstruction etc. If this accounting treatment is not in accordance with the accounting standards specified under section 211(3C) of the Companies Act, 1956, the resultant financial statements of the entity concerned will not be in conformity with the accounting standards. (ii) In view of the above, it has been decided that while submitting the scheme of amalgamation / merger / reconstruction, etc. (schemes) to the stock exchanges under clause 24(f) of the Equity Listing Agreement, the listed entities shall also submit to the concerned stock exchange, an auditors' certificate to the effect that the accounting treatm....
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....p; accounting standards specified in section 211(3C) of the Companies Act, 1956, or in accordance with IFRS. (iii) where the figures for the current period are as per IFRS and the figures for the corresponding previous period are as per the notified Accounting Standards, a reconciliation shall be provided in respect of significant differences between the figures as disclosed as per IFRS and the figures as they would have been if the notified Accounting Standards were adopted. (iv) Submission of stand-alone financial results to the stock exchanges shall continue to be in accordance with the Indian GAAP. (d) Requirement of a valid peer review certificate for statutory auditors- Insertion of Clause 41(1) (h) (i) The Institute of Chartered Accountants of India (ICAI / Institute) has specified a peer review mechanism to ensure that the quality of services rendered by the members of the Institute is maintained ....
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....p; are hereby modified to make it clear that disclosures pertaining to details of public shareholding and promoters' shareholding, including details of pledged/encumbered shares of promoters/promoter group, contained in the format have been traced from disclosures made by the management. (g) Approval of appointment of 'CFO' by the Audit Committee- Insertion of Clause 49(II)(D)(12A) In order to ensure that the CFO has adequate accounting and financial management expertise to review and certify the financial statements as required under Clause 49 of the Listing Agreement, it has been decided that the appointment of the CFO is approved by the Audit Committee before finalization of the same by the management. The Audit Committee, while approving the appointment, shall assess the qualifications, experience & background etc. of the candidate. 3. The above listing conditions are specified in exercise of the powers conferred under Section 11 read with Section 11A....
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.... all the Accounting Standards specified by the Central Government in Section 211(3C) of the Companies Act, 1956. Provided that in case of companies where the respective sectoral regulatory authorities have prescribed norms for accounting treatment of items in the financial statements contained in the scheme, the requirements of the regulatory authorities shall prevail. Explanation - For this purpose, mere disclosure of deviations in accounting treatments as provided in para 42 of AS-14 shall not be deemed as compliance with the above". 2. In clause 41, (i) in sub-clause(I), (a) in item (c); for the words "one month" and for the words "two months", wherever they appear the words "forty-five days" shall be substituted; (b) in item (d), ....
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.... himself to the peer review process of Institute of Chartered Accountants of India (ICAI) and holds a valid certificate issued by the Peer Review Board of the ICAI." (ii) in sub-clause (V), after item (g), the following item shall be inserted, namely:- "(h) Disclosure of Balance Sheet items as per items (ea) shall be in the format specified in Annexure IX drawn from Schedule VI of the Companies Act, or its equivalent formats in other statutes, as applicable." (iii) in sub- clause (VI), in item (b), for the words "only consolidated financial results", the words "consolidated financial results alongwith the following items on a stand-alone basis, as a foot note:- (a)Turnover (b)Profit before tax (c)Profit after tax", shall be substituted; (iv) in sub-clause (VI) item (b), after para (iii), the following sub....