Date:06/12/2004 URL: http://www.thehindubusinessline.com/2004/12/06/stories/2004120602020500.htm

Back Quarterly results: Relaxation sought for listed companies

Our Bureau

New Delhi , Dec. 5

THE Associated Chamber of Commerce and Industry of India has urged the Securities and Exchange Board of India to relax the conditionality attached to the announcement pertaining to quarterly results for listed companies, as many of them had multiple manufacturing and dispersed activities.

In a letter to SEBI Chairman, Mr G.N. Bajpai, the Assocham President, Mr Mahendra K. Sanghi has demanded that listed companies be permitted to announce their quarterly results within two months of the close of quarter against the current stipulation of 30 days.

He said for large corporates with paid up capital of Rs 50 crore or more and annual turnover of Rs 1,000 crore or more, this posed a serious challenge and causes great inconvenience since most such companies have operating subsidiaries, multiple manufacturing locations and dispersed sale and distribution operations.