India Inc gets till July 31 to file Q4 results in second deadline extension

Sebi has also extended deadline for filing half-yearly and annual results for entities that have listed NCDs, non-convertible redeemable preference shares and commercial papers (CPs) to July 31

The Securities and Exchange Board of India (Sebi) has given listed companies time till July 31, 2020 to disclose their financial results for the quarter and year-ended March 31, 2020. This is the second time the market regulator has extended the deadline for filing of results. In a circular in March, Sebi extended the deadline to file the March quarter and full-year results by 45 days and 30 days respectively to June 30, 2020.

However, market participants approached Sebi seeking further extension.

“Sebi has received representations from listed entities, chartered accountant firms, and industry bodies seeking further extension of time for preparation, finalisation and submission of financial results for listed entities for the quarter/halfyear/financial year ending March 31, 2020, due to many reasons, like the continuing lockdown, subsidiaries and associates situated in containment zones making the audit process challenging and other operational challenges due to the CoVID-19 pandemic,”Sebi said in a circular on Wednesday.

Sebi has also extended the deadline for filing half-yearly and annual results for entities that have listed non-convertible debentures (NCDs), non-convertible redeemable preference shares (NCRPs) and commercial papers (CPs) to July 31, 2020.

The Ministry of Corporate Affairs (MCA) too has extended the relaxation till September 30, 2020 for conducting all board meetings to approve financial statements through video conferencing (VC) or other audio visual means (OAVM).

Meanwhile, industry bodies have also approached Sebi seeking a complete waiver from filing June quarter results due to the disruption caused by the covid-19 pandemic. They have requested that listed companies be given the option to file their June quarter results along with the September quarter.

Industry players say many companies fear adverse stock market reaction as the real impact of the lockdown will reflect in the June quarter results. The economic was in a virtual shutdown mode for the month of April with many industries reporting zero sales.

In May, Sebi had said it was “yet to take a view in the matter.”