Listed companies - consolidated quarterly results

Secondary Mkt 1159 views 5 replies

SAJAN DIDWANIA

owner

47 Points Joined October 2011

Hi Friends,

We see that many listed companies who have lot many Subsidiaries and their standalone results never give clear picture of their financial performance does not annouce quarterly unaudited results and stock exchanges as well as SEBI is silent on it. But general investors don`t get right picture and get confused due to insufficient standalone results announced by company. Is there any rule against which these companies can be forced to announce/ send consolidated quarterly results well in time alongwith standalone results.

Pls let me know and give your valuable views as well as if you too think fit that this practice is wrong pls try to get it corrected.

regards

Replies (5)

SAJAN DIDWANIA

owner

47 Points Joined October 2011

Dear friends,

I had written to a company asking for Consolidated Results and complained with SEBI and BSE ...and got a iresponsible response from SEBI...PLs see below:

From: Sajan Didwania <sajandidwania @ gmail.com>
Date: Thu, Nov 15, 2012 at 11:15 AM
Subject: Fwd: Reminder : Consolidated Quarterly Results for June and Sept 2012 quarters
To: sebi @ sebi.gov.in
Cc: narendrajain @ kemrock.com, yogesh.bambardekar @ bseindia.com

Dear Sir,

Its really surprising to hear that SEBI is saying that announcing a proper Quarterly Results by any LISTED COMPANY is matter of Ministry of Corporate Affairs and not a part of CORPORATE GOVERNANCE.

Anyway i will take up the matter not only with Ministry Of Corporate Affairs but also write to Ministry Of Finance, Prime Minister`s Office, Investors Associations, Company Law Deaprtment as well as seriously take up the issue at various platforms Political, Governance, Corruption etc to understand how such developement`s allow forgeries, corruptions in General Public and How the regulatory bodies don`t take the responsibilities and allow such things to become a scam.

I wont leave it just unanswered.

With best regards.

Sajan Didwania

---------- Forwarded message ----------
From: sebi <sebi @ sebi.gov.in>
Date: Thu, Nov 15, 2012 at 10:36 AM
Subject: RE: Reminder : Consolidated Quarterly Results for June and Sept 2012 quarters
To: Sajan Didwania <sajandidwania @ gmail.com>

Dear Sir/Madam,

The subject matter of complaint does not fall under purview of SEBI . You are requested to take up your complaint with Ministry of Corporate Affairs.

Regards,

Office of Investor Assistance and Education

Securities Exchange Board of India

From: Sajan Didwania [mailto:sajandidwania @ gmail.com]
Sent: Saturday, November 10, 2012 7:06 PM
To: narendrajain @ kemrock.com
Cc: yogesh.bambardekar @ bseindia.com; sebi
Subject: Reminder : Consolidated Quarterly Results for June and Sept 2012 quarters

Dear Mr.Jain,

I am a shareholder of the company and worried to see the last two quarters results announced by company.

I want to see consolidated quarterly results and also clarification of acquisition disclosure by RPM International Inc. acquiring 10.68% stake as per anoouncement done by them on 17.04.12 as per www.bseindia.com website shown under SAST column. This Shareholding Pattern is not reflected in June 2012 qtrlt and onward disclosers.

You are requested to pls send me Consolidated Results of both quarters mentioned above and clarification on Shareholding of RPM International Inc.

Thanx and Regards.

--
Sajan Didwania

Copy to : sebi @ sebi.gov.in : yogesh.bambardekar @ bseindia.com :

Dear Sir, Pls see when there are substantial difference in standalone and quarterly Results how companies don`t announce Consolidated results and keep the entire public share holders in dark. Pls look into above matter.

I feel its important that all Listed Companies should announce Quarterly Results as per Listing Agreements but should give the factual picture of Company`s performamnce not just a khana poori ..like announcing Stand Alone Result only while Consolidated Results are entirely majorly different from stand alone results.

Pls i invite you and axpect from all of you to help me in this matter.

With best regards.

Sajan Didwania

CA. JAIN

Chartered Accountant

466 Points Joined November 2011

Hello,

Point raise by u is very important.

But as far as law is concern, there is no liability as per clause 41 of listing agreement to company for submission of consolidate figures.

SAJAN DIDWANIA

owner

47 Points Joined October 2011

Dear Mr.Jain,

I am quite sure whatever u say is correct and the many companies enjoy this loophole for their benefit.. but we can raise it as its a very important in absense of proper disclosures by companies we are vulnerable to heavy risk and incurring major losses. We see many listed companies vanishes suddenly and hard earned pennies of general public is lossed fully. These loop holes allows malpractices to companies and enhances manipulations, forgeries and cheating.

I am sure if we can take up such genuine issues with right authorities changes can take place whereevr needed in law and loopholes will be plugged.

All friends please put hands together for the good of General Public who gets cheated again and again.

With best regards.

Sajan Didwania