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More Sebi relaxations: Top 100 firms allowed to delay AGM
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Top Stories |
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SME Times News Bureau | 26 Mar, 2020
Providing further relief to the corporate sector in view of the
coronavirus crisis, market regulator Sebi on Thursday said that the top
100 companies by market capitalisation can delay their Annual General
Meetings (AGM) by a month.
Generally, a company has to hold its
AGM within a period of five months from the date of closing of the
financial year. The AGMs for financial year 2019-20 were originally due
by August 31, and after the decision, companies can now hold their AGMs
by September 30.
Further, the security market regulator also
extended the deadline for holding meetings of the nomination and
remuneration committee, stakeholders relationship committee and the risk
management committee by three months till June 30.
All these committees are required to meet once in a fiscal year and the original due date for the current fiscal was March 31.
The
regulator also said that the Standard Operating Procedure (SoP) on
imposition of fines and other enforcement actions for non-compliances
with provisions of the LODR which had to come into effect for compliance
period ending on or after March 31, would now come into effect from
compliance periods ending on or after June 30, 2020.
The
relaxations announced on Thursday are among of a series of relief
measures recently announced by the Securities and Exchange Board of
India (Sebi).
On Monday, it relaxed compliance regulations for
listed entities which have listed their non-convertible debentures
(NCD), commercial papers (CP), non-convertible redeemable preference
shares (NCRPS) and municipal debt securities.
The issuance date
for debt securities was extended by 60 days to May 31, and the timeline
for filing of large corporate initial and annual disclosures till June
30.
Earlier, Sebi allowed listed companies to file their fourth
quarter and annual financial results by June 30. In general, companies
have to report their earnings within one month of a quarter-end and if
results get delayed, the companies have to inform the exchanges. The
regulator also extended the date of filing quarterly corporate
governance reports by one month and for releasing quarterly shareholding
pattern by three weeks.
Sebi, along with the Ministry of
Corporate Affairs (MCA), have sprung into action in order to provide
relief to companies and businesses amid the coronavirus crisis and the
ongoing 21-day lockdown.
Last week, the MCA relaxed several norms
including board meeting obligations and physical official meetings for
financial reports and restructuring.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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75.65 |
Japanese
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56.85 |
As on 13 Aug, 2022 |
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