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SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021

SMDRP/POLICY/CIR-14/98
May 19, 1999

To:

The Executive Directors /Managing Directors
of all the Stock Exchanges.

Dear Sir,

Sub. : Amendment of Listing Agreement – Submission of complete Balance Sheet

This is in continuation of our Circular No. SMD/SED/JJ/4984/94 dated September 23, 1994 advising the Stock Exchanges to substitute Clause 32 of the Listing Agreement as below :

“Clause 32 The Company will supply a copy of the complete and full Balance Sheet, Profit and Loss Account and the Director’s Report, to each shareholder and upon application to any member of the Exchange.”

Some representations have been received in this regard, according to which the Balance Sheet which is received by the shareholders results into wastage of paper, cost and time etc. particularly, when number of shareholders reside in one household (i.e. having same address in the Books of the Company /Registrars /Share transfer agents). A suggestion has, therefore, been made that in accordance with the compliance with the Company’s Act, each shareholder will get a abridged Balance Sheet and full Balance Sheet could be sent to each household. However, if any investor in the same household wants separate full Balance Sheet, it would be supplied on request. In view of the above, Clause 32 of the Listing Agreement be amended as below :

Clause 32 The Company will supply a copy of the complete and full Balance Sheet, Profit and Loss Account and the Directors’ Report, to each shareholder and upon application to any member of the Exchange.

However, the company may supply single copy of complete and full Balance Sheet and Profit & Loss Account and Director’s Report to shareholders residing in one household (i.e. having same address in the Books of the Company/Registrars /Share transfer agents). Provided that, the company on receipt of request shall supply the complete and full Balance Sheet and Profit and Loss Account and Directors’ Report also to any shareholder residing in such household. Further, the company will supply abridged Balance Sheet to all the shareholders in the same household.

Yours faithfully,

M. D. PATEL
EXECUTIVE DIRECTOR
SECONDARY MARKET DEPARTMENT

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