2019 (10) TMI 1053

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....Regulation, 2015 has preferred the present appeal. 2. The facts leading to the filing of the appeal is that the appellant is a public limited Company and its shares are listed on the BSE Limited (hereinafter referred to as 'BSE') as well as on the National Stock Exchange (hereinafter referred to as 'NSE'). On December 14, 2017, a meeting of its Board of Directors was held and unaudited financial results for the quarter ending 30th September, 2017 were approved. The meeting of the Board of Directors was concluded on 6.15 p.m. 3. As per the circular dated 30th March, 2017 the unaudited financial result was required to be uploaded on the Company's website as well as on the stock exchange platform within 30 minutes of the conclusion of the ....

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.... provides as under: "Financial Results are required to be submitted along with the Limited Review Report/ Audit Report first in PDF mode through the Listing Centre website - Corporate Announcement Filing System (CAFS) within 30 minutes of the conclusion of the Board Meeting as per the provisions of Regulation 30 of the LODR, 2015. This is required to be followed by filing of the result in XBRL mode within 24 hours from the conclusion of the Board meeting." 6. From the aforesaid, it is clear that the limited review report/audit report alongwith the financial results was required to be uploaded on the Company's website and on the stock exchange platform within 30 minutes of the conclusion of the board meeting and the financial result ....

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.... recognized stock exchange may initiate appropriate enforcement action, including prosecution." From the aforesaid, if the information is not disseminated in the stock exchange platform and on the Company's website the penalty is Rs. 5000/- per day till the non compliance continues and if it continues for more than 15 days then additional fine of 0.1% of paid up capital is automatically levied. 8. In the light of the aforesaid provision it was contended by the learned counsel that the appellant had uploaded the financial results in XBRL mode within 30 minutes instead of 24 hours but on account of a glitch the appellant could not upload the financial results alongwith the audit report within 30 minutes on the BSE platform though it was u....

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....ed to be uploaded within 30 minutes of the conclusion of the Board of Directors. The financial results have price sensitive information and cannot remain unpublished and, therefore, the said price sensitive information is required to be disseminated within 30 minutes alongwith an audit report. This was not done. The financial results uploaded in XBRL mode did not contain the audit report which is a vital element and, therefore, filing of the financial result in XBRL mode is not compliance of Regulation 33 read with circular of 30th March, 2017. Thus, when a particular act is required to be done in a particular manner the same is required to be done in that manner alone and not in any other manner. This principle is well settled in a caten....