9911796707
TMI BlogCorporate Governance in listed Companies – Clause 49 of the Listing AgreementX X X X Extracts X X X X X X X X Extracts X X X X ..... hased manner and all the listed companies with the paid up capital of ₹ 3 crores and above or net worth of ₹ 25 crores or more at any time in the history of the company, were covered as of March 31, 2003. SEBI has issued six circulars on the subject of corporate governance inter-alia detailing provisions of corporate governance, its applicability, reporting requirements etc. which are as follows- Sr. no. Reference no. Subject Date 1 SMDRP/POLICY/CIR-10/2000 Clause 49 February 21,2000 2 SMDRP/POLICY/CIR-13/2000 Applicability of Clause 49 March 09, 2000 3 SMDRP/POLICY/CIR-42/2000 Amendments to Clause 49 September12, 2000 4. SMDRP/POLICY/ CIR- 03/01 Enforcement of Corporate Governance January 22, 2001 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he relevant provisions of the clauses on Corporate governance in the Listing Agreement and the Companies Act remain harmonious with one another. 4. The provisions of the revised clause 49 shall be implemented as per the schedule of implementation given below: 5. By all entities seeking listing for the first time, at the time of listing. b) By all companies which were required to comply with the requirement of the clause 49 which is proposed to be revised i.e. all listed entities having a paid up share capital of ₹ 3 crores and above or net worth of ₹ 25 crores or more at any time in the history of the company. The companies shall be required to comply with the requirement of the clause on or before March 31, 2004. 1. The rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tisfied that genuine legal issues exists which will delay such compliance. In such cases while granting listing, the stock exchanges shall obtain a suitable undertaking from the company. In case of the company failing to comply with this requirement without any genuine reason, the application money shall be kept in an escrow account till the conditions are complied with. 4. The Stock Exchanges shall set up a separate monitoring cell with identified personnel to monitor the compliance with the provisions of the corporate governance. This cell shall obtain the quarterly compliance report from the companies which are required to comply with the requirements of corporate governance and shall submit a consolidated compliance report to SEBI wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
