Please suggest,
If financial results for the last quarter could not be submitted to stock exchange within 60 days from the quarter ended 31.03, since audit was not complete and financial results for the said purpose was not also prepared and audited.
Board Meeting were not held on the date, which was intimated to stock exchange 7 days in advance.
In my opinion, it is violation of one of the clauses of the Listing Agreement entered into with the SEs. Necessary penalties may be imposed/actions may be initiated against the Company for violation of the agreement, as per the rules/bye laws of the SE.
This is only my opinion and has not been specified anywhere........as to what be the consequnces of non - compliance with any of the clauses of the Listing Agreement!
Ofcouse it is a voilation.
However, give proper intimation to the stock exchange and explain the reasons also why the meeting could not be held and also inform the proposed date of Board Meeting.
CAclubindia
