Amendment in SEBI LODR 2015 - Dated 25.05.2016

Attention Listed Companies!!!

SEBI has vide notification dated 25.05.2016 amended SEBI LODR, 2015 in the following manner:

1. Form A/B replaced by the term "a Statement on Impact of Audit Qualifications".
2. Alongwith the Auditors report on Audited standalone/consolidated Annual Results, a Statement on Impact of Audit Qualifications, in case of audit report with modified opinion shall be submitted. (Form A/B not applicable).
3. If Audit report contains unmodified opinion, a declaration to that effect shall be required to be made while publishing financial results.
4. Now a Statement on Impact of Audit Qualifications(for audit report with modified opinion) is required to be reviewed by stock exchange only and requirement for review by Qualified Audit Report Review Committee in manner as specified in Schedule
VIII has been scrapped. Accordingly Schedule VIII also deleted.
5. Format for a Statement on Impact of Audit Qualifications(for audit report with modified opinion) shall be as notified by SEBI.
6. Now SEBI has no power to direct Companies to carry out the necessary steps, for rectification of modified opinion and/or submission of revised pro-forma financial results, in the manner specified in Schedule VIII.
7. And last but not the least the above changes shall be effective from 01.04.2016.