30th September 2014
Sub: Corporate Governance in listed entities-Amendments to Clause 49 of the Equity Listing Agreement
To all listed companies
Attention of all listed companies of the Calcutta Stock Exchange is drawn to SEBI Circular Ref. No. CIR/CFD/POLICYCELL/7/2014 dated 15th September 2014 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.gov.in) wherein “ All Stock Exchnages are advised to ensure compliance with this circular and carry out the amendments to their Listing Agreement.......”.
Further the applicability of clause 49 of the Listing Agreement read as follows:
“a. Companies having paid up equity share capital not exceeding Rs. 10 crore and Net Worth not exceeding Rs. 25 crore, as on the last day of the previous financial year;
Provided that where the provisions of Clause 49 becomes applicable to a company at a later date, such company shall comply with the requirements of Clause 49 within six months from the date on which the provisions became applicable to the company.
b. Companise whose equity share capital is listed exclusively on the SME and SME-ITP Platforms.”
In view of the above, all listed companies of CSE are advised to strictly adhere and comply with the listing compliance as per the listing agreement.