The SEBI circular No. CIR/CFD/DIL/7/2012 dated August 13, 2012 had inter-alia amended the clause 31(a) of the Listing Agreement by advising the listed companies to submit the following forms, as may be applicable, along with copies of annual reports submitted to Stock exchanges:
Form A: Unqualified/Matter of Emphasis Report
Form B: Qualified/Subject to/Except for Audit Report
The companies are required to ensure that
1) Form A or Form B as applicable is submitted with copies of the Annual Report to the Stck Exchanges where they are listed. Non-submission of Form A & B may be treated as non-submission of Annual Report and thus non-compliance with clause 31(a) of the listing agreement
2) The relevant Form, i.e. Form A/B is submitted. Submission of incorrect Form may be treated as non-submission.
3) Form A or Form B is signed by ALL the four entities mentioned in the SEBI circular i.e. CEO/ MD, CFO, Auditor and the Chairman of the Audit Committee, as per SEBI clarification. Form A or Form B not signed by all four mandated entities would be considered as incomplete submission.
4) Management comments are also submitted on the Auditors qualifications in case Form B is submitted. Companies are advised to comply with the above and extant provisions of the said SEBI circular.
Ad. Janak V Dalal