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ADDITIONAL RELAXATIONS UNDER SEBI (LODR), REGULATIONS 2015 – DUE TO COVID-19 OUTBREAK
“Additional Relaxations under SEBI (LODR), regulations 2015 – due to COVID-19 outbreak”
Overview
Securities and Exchange Board of India (SEBI) videCircular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020 has issued Notification related to “Additional relaxation in relation to compliance with certain provisions of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 – Covid-19 pandemic”in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the LODR.
The Circular was issued to:
- All Recognized Stock Exchanges
- All listed entities
Applicability: come into force with immediate effect.
Previous Relaxations vide:
- No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020,
- No. SEBI/HO/CFD/CMD1/CIR/P/2020/48 dated March 26, 2020,
- No. SEBI/HO/CFD/CMD1/CIR/P/2020/63 dated April 17, 2020 and
- No. SEBI/HO/CFD/CMD1/CIR/P/2020/71 dated April 23, 2020.
A. Relaxation on account of MCA Circulars
MCA has issue various Circulars:
- circulars dated April 8, 2020 and April 13, 2020 provided certain relaxations for companies, including conducting Extraordinary General Meeting (EGM) through Video Conferencing (VC) or through other audio-visual means (OAVM) (hereinafter referred to in this circular as ‘electronic mode’).
- circular dated May 5, 2020, MCA also extended these relaxations to AGMs of companies conducted during the calendar year 2020 and printing and dispatch of annual reports to shareholders.
Relaxation has been given in Following Regulations
|
SEBI (LODR) Regulations, 2015 |
Relaxations | |
| Requirement of sending physical copies of annual report to shareholders | The requirements of Regulations 36 (1)(b) and (c) and Regulation 58 (1)(b) &(c) of the LODR are dispensed with for listed entities who conduct their AGMs during the calendar year 2020 (i.e. till December 31, 2020) | |
| Requirement of proxy for general meetings | The requirement under regulation 44 (4) of the LODR is dispensed with temporarily, in case of meetings held through electronic mode only. This relaxation is available for listed entities who conduct their AGMs through electronic mode during the calendar year 2020 (i.e. till December 31, 2020). | |
| Requirement of dividend warrants/cheques |
|
|
B. . Relaxation from publication of advertisements in the newspapers:
| SEBI (LODR) Regulations, 2015 | Relaxations |
|
Regulation 47 - publication of advertisements in newspapers
Regulation 52(8) -listed their NCDs and NCRPS |
exemptions from publication of advertisements in newspapers are extended for all events scheduled till June 30, 2020. |
C. Relaxation from publishing quarterly consolidated financial results under regulation 33(3)(b) ofthe LODR for certain categories of listed entities:
| SEBI (LODR) Regulations, 2015 | Relaxations |
| Consolidated financial results under regulation 33(3)(b) |
Listed entities which are banking and / or insurance companies or having subsidiaries which are banking and / or insurance companies may submit consolidated financial results under regulation 33(3)(b) for the quarter ending June 30, 2020 on a voluntary basis. However, they shall continue to submit the standalone financial results as required under regulation 33(3)(a) of the LODR.
If such listed entities choose to publish only standalone financial results and not consolidated financial results, they shall give reasons for the same. |
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.
Article is presented by-
Lalit Rajput,
Company Secretary,
Cell: +91 8802581290
Email: lalitrajput537@gmail.com
Website: http://enlightengovernance.blogspot.com