Clause -49 applicability

Hello ,

This is a very valid query asked by someone in the expert forum. i request seniors/experts , pl.do revert on this .

As per SEBI circular No.SEBI/MRD/SE/31/2003/26/08 dated August 26, 2003, and SEBI, vide its circular dated February 21, 2000, specified principles of corporate governance and introduced a new clause 49 in the Listing agreement of the Stock Exchanges. These principles of corporate governance were made applicable in a phased manner and all the listed companies with the paid up capital of Rs 3 crores and above or net worth of Rs 25 crores or more at any time in the history of the company, were covered as of March 31, 2003.

Now As per the SEBI Circular dated 17.04.2014 , the revised clause -49 is applicable to all the LISTED COMPANIES s irrespective of paid up capital and net worth requirement.

pls suggest a) that means between 2003 to 2014 , the clause 49 was not applicable to all the companies and it was just applicable to only those companies falling under above criteria ?? b) these circular was applicable to all the listed companies which was listed prior to 2003 and not after 2003??? c) and now becoz of new circular dated 17.04.2014 , it will be applicable to all companies irrespective of capital ?