19-Apr-2014

SEBI vide its Circular no. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014 has amended the Clauses 35B and 49 of Equity Listing Agreement dealing with Corporate Governance norms. The amendment has been made with an objective to align the provisions of the Listing Agreement with that of the Companies Act, 2013.
Key points of the Circular are as follows:
> The revised Clause 49 would be applicable to all listed companies with effect from October 01, 2014.
> The provisions of Clause 49(VI)(C) shall be applicable to top 100 listed companies.
> The provisions of Clause 49(VII) shall be applicable to all prospective Transactions.
> The revised Clause 35B would be applicable to all listed companies and the modalities would be governed by the provisions of Companies (Management and Administration) Rules, 2014.