Quartely Result of Listed Companies should disclose figures in respect of immediately preceding quarter and shall be accompanied by limited review report

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CIRCULAR No. CIR/CFD/DIL/7/2011, Dated- October 05, 2011

To

All Stock Exchanges

Dear Sir/Madam,

Sub: Amendments to the Equity, IDR and SME Equity Listing Agreements

1. In line with the objective to enhance the quality of disclosures made by listed entities, certain amendments are hereby carried out to the Equity Listing Agreement, Model Listing Agreement for Indian Depository Receipts and Model SME Equity Listing Agreement(hereinafter referred to as the “Listing Agreements”).

2. The full texts of amendments to be effected in the Listing Agreements are given at Annexure. Some of the amendments are as under:-

(a) Amendments to Clause 41 – Disclosure of quarterly financial results

i)     In order to give a better comparative picture of the quarterly financial results, listed entities shall disclose figures in respect of immediately preceding quarter as well in addition to the existing requirements.

ii)    Listed entities shall also submit the last quarter results along with the audited annual results.

(b) Amendments to Clause 41 – Submission of financial results

It is being observed that certain listed entities, while submitting their interim financial results, submit unaudited financials first and subsequently submit the limited review report after a lag. It is hereby clarified that submission of unaudited results shall be accompanied by the limited review report of the auditors.

(c) Amendments to Clause 32 – Mode of Supplying Annual Reports to Shareholders

In modification of SEBI circular no. SEBI/CFD/DIL/LA/2/2007/26/4 dated April 26, 2007 and in line with the green initiative of Ministry of Corporate Affairs vide their circular dated April 29, 2011, it has been decided that instead of supplying complete and full annual reports to all the shareholders, listed entities shall supply:

i)     soft copies of full annual reports to all those shareholders who have registered their email addresses for the purpose;

ii)   hard copy of abridged annual reports to others and

iii) hard copies of full annual reports to those shareholders, who request for the same.

(d) Insertion of Clause 35A – Disclosure of voting results by listed entities

In order to ensure wider dissemination of information regarding voting results, listed entities shall disclose their voting results in the prescribed format, to the exchanges and also place the same on their websites, within 48 hours from the conclusion of the concerned shareholders’ meeting. To begin with, this requirement shall be applicable to top 500 listed entities based on market capitalization computed as on the date of this circular.

3.       Applicability

(a)    Provisions of Paras 2(a), 2(b) and 2(c) shall be applicable with effect from the quarter/financial year ending on December 31, 2011.

(b)     Provisions of Para 2(d) shall be applicable for all the shareholders’ meetings, for which notices are issued on or after January 01, 2012. Stock Exchanges are advised to notify the list of entities for whom the said provision would be applicable based on the criteria specified at 2(d) above.

4. The above listing conditions are specified in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992. The said listing conditions should form part of the existing Listing Agreements of the stock exchange.

5. All stock exchanges are advised to ensure compliance with this circular and carry out theamendments in their Listing Agreement as per the Annexure to this circular.

6. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Issues and Listing”.

Companies who need to file B/S and P/L Account in XBRL have to file form 23AC-XBRL and 23ACA-XBRL

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Ministry of Corporate Affairs

Notification

New Delhi the 5^th October, 2011

G.S.R. (E) In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, namely :

(1) Short title and Commencement :-

(1) These rules may be called the Companies (Filing of documents and forms in ExtensibleBusiness Reporting Language) Rules, 2011.

(2) They shall come into force with effect from the 6^th October, 2011.

(2)    Definitions:‑

In these rules, unless the context otherwise require,-

(a) “Act” means the Companies Act, 1956;

(b)“Annexure” means the Annexure enclosed to the rules;

(c) “Extensible Business Reporting Language” (XBRL), means a standardised language for communication in electronic form to express, report or file financial information by the companies under the Act;

(d)”Document and forms” means the documents and forms required to be filed with any authority as specified under the Act or rules or regulations made therein;

(e)“Taxonomy” means in extensible Business Reporting Language (XBRL) an electronic dictionary for reporting the business data as approved by the Central Government in respect of any documents or forms indicated in this rule.

(³) Filing of Balance Sheet and Profit and Loss Account with Registrar:‑

The following class of companies have to file their Balance Sheet, Profit and Loss Account and other documents as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) taxonomy given in Annexure enclosed to the rules for the financial year ending on or after 31^5t March, 2011 with e-Form no. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956, namely:-

(i)                all Companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or

(ii)             all Companies having paid up capital of rupees five crore or above; or

(iii)     all companies having turnover of rupees hundred crore or above.

Provided that the companies in Banking, Insurance, Power Sectors and Non-Banking Financialcompanies are exempted for Extensible Business Reporting Language (XBRL) filing for the financial year 2010-11.

Post titleWhether the benefit of deduction under Section 10A can be extended to inter-state sales made to another industrial unit in a SEZ, payment in respect of which is received in Indian rupees?

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Commissioner of Income Tax, Cochin v. Electronic Controls & Discharge Systems(P) Ltd [2011] 13 Taxmann.com 193 (Kerala High Court)

Benefit of deduction under Section 10A is not available in respect of sales made to a unit in Special Economic Zone even though such sales are considered as ‘deemed exports’ under the provisions of the Special Economic Zones Act, 2005.

The provisions in Section 10A are comprehensive and exhaustive and that the mandatory conditions of Section 10A (3) have to be satisfied to get the benefit of deductionon export profits. Thus the benefit is available only on actual exports and if the consideration is received in convertible foreign exchange. The concept of deemed export under the SEZ Act is not incorporated in the scheme of deduction under Section 10A, the ITA is a self- contained code and the validity or correctness of the allowance has to be considered with reference to the relevant statutory provisions as contained therein. Where Section 10A provides for deduction on profits derived from export proceeds received in convertible foreign exchange, it could be stated that the Legislature never intended thebenefit to be extended to local sales made by the units in the SEZ, whether as part of Domestic Tariff Area sales or inter-unit sales within the Zone or units in other Zones. Hence the Taxpayer was not entitled to claim the deduction under Section 10A in respect of profits derived from the sales made to a unit in a SEZ.

Reduction of equity share capital not subject to capital gains – ITAT Mumbai

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Bennett Coleman & Co. Ltd vs. ACIT (ITAT Mumbai Special Bench) -  Whether the CIT(A) was justified in declaring long term capital loss of Rs.22,21,85,693/- on account of reduction in paid up equityshare capital – the loss arising on account of reduction in share capital cannot be subjected to provisions of sec.45 r.w.s. 48 and, accordingly, such loss is not allowable as capital loss. At best such loss can be described as notional loss and it is settled principle that no notional loss or income can be subjected to the provisions of the Income Tax Act.

How to surrender extra / Additional PAN Online / Manually?

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An assessee may have been allotted multiplePAN Card. The multiple PAN card may havebeen allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may haveinadvertently allowed multiple PAN card byIncome tax Department , NSDL or UTI. Assessee who have more than one PAN should immediately Apply for surrender of additional PAN number(s) allotted to them as having more than one PAN may make them liable to a penalty of Rs. 10,000/-

Assessee can apply for surrender of PAN card by two methods.

1. Manually -

a. Write a letter to this effect to the assessing officer under whose jurisdiction you have been filing your returns. The letter must contain details such as your name, contact details, details of the PAN card to be retained, details of the duplicate PAN card(s) which you need to surrender, etc. Keep  theacknowledgement copy of the letter that you have filed with the I-T department, stating that you are surrendering your additional PAN. That is sufficient as proof of surrender and no additional confirmation from the I-T authorities is required. On receipt of the acknowledgement, there is no need for you to wait for intimation from the income tax department considering that the PAN submitted has now been cancelled by them. The acknowledgment copy of the letter submitted will more than solve the purpose.

b. Manually Fill the Form No. 49A for change/Correction in correction in PAN and submit the same at your nearest UTI pan centers or NSDL TIN Facilitation centers.

2. Online -

a. Visit the Following Link and fill the detail in the online Form given at the link and following the instructions

http://incometax.sparshindia.com/pan/newPAN.asp

b. You can also surrender the pan online  by filing a application “change in pan data ” through UTI pan centers or NSDL TIN Facilitation centers.In application fill spare pan number in Last row of the Form.

Register and Track your PAN Card Related Complain online and Track Status

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Register and Track your PAN Card Related Complain online and Track Status  –Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Cardapplied  through NSDL or UTIISL and they can also check the status of their grievance  online.  Nature of Complain may be any of the following:-

Nature of Complaint

• Neither PAN Number nor PAN Card Received
• PAN Card Not Received (PAN NumberReceived)
• Returned Undelivered (RUD)
• Name Mismatch
• Photo Mismatch
• Father’s Name Mismatch
• Other

Assessee can file their complain online at the link given below :-

http://incometax.sparshindia.com/pan/PAN.asp?id=1

Assessee can check the status of PAN Grievance at the link given below :-

http://incometax.sparshindia.com/pan/PAN.asp?id=2