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TMI Blog2019 (10) TMI 1053X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation and cannot remain unpublished and, therefore, the said price sensitive information is required to be disseminated within 30 minutes alongwith an audit report.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. in the given case the imposition of fine is excessive. There is no doubt that the limited audit report alongwith the financial results in PDF form was uploaded on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 meeting of the Board of Directors as well as within 24 hours. Since there was only a partial compliance, a fine of ₹ 5,54, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said circular 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 minute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry recognized stock exchange shall review the compliance status of the listed entities within 15 days from the due date for compliance for the respective regulation and issue notices to the non-compliant listed entities to ensure compliance and pay fine as per this circular within 15 days from the date of the notice. In any non-compliant listed entity fails to pay the fine despite receipt of the notice as stated above, the 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 ₹ 5000/- per day till the non compliance continues an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reafter the appellant would have immediately noticed the defect and would have removed it and would not have allowed the fine to grow. 10. Having considered the submissions of the learned counsel for the appellant we find that the regulations and the circular require the financial results to be disseminated to the public for a desired purpose so that the investors are made aware of the financials of the Company. Thus, the limited audit report alongwith the financial results are required 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 dissemin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he circular of 30th November, 2015, a uniform structure has been made for non compliance with the listing regulations regarding non submissions of certain periodic reports. If the compliance of the listing regulations is not made in the manner and in the period prescribed there would be an automatic imposition of fine as per Annexure 1 thereto. 12. We however find that in the given case the imposition of fine is excessive. There is no doubt that the limited audit report alongwith the financial results in PDF form was uploaded on the NSE website as well as on the Company s website within 30 minutes of the conclusion of the Board meeting. The financial results were also published in the newspapers. Thus, there was no deliberat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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