In view of the lockdowns during the months of April and May, companies had sought more time to finalise financials for the March quarter.
Listed companies now have time till July 31 to declare their financial results for the quarter ended March 2020. The Securities and Exchange Board of India (Sebi) on Wednesday extended the timeline for the submission of financial results for the March quarter to July 31.
In view of the lockdowns during the months of April and May, companies had sought more time to finalise financials for the March quarter. In March, the regulator had come out with a circular allowing companies time till end of June to declare their quarterly financial results.
Sebi said that it had received representations from listed entities, chartered accountant firms and industry bodies/associations seeking further extension of time for preparation, finalisation and submission of financial results for listed entities for the quarter/half year/financial year ending March 31, 2020. Given that the lockdowns continue in some parts of the country and subsidiaries being located in containment zones has made the audit process challenging due to the Covid-19 pandemic.
The regulator said that after taking into consideration some of these issues, the decision to further extend the timeline was taken under Regulation 33 of the LODR Regulations. Similarly, the timeline under Regulation 52 of the LODR for submission of half yearly and/or annual financial results for the period ending March 31, 2020 for entities that have listed NCDs, NCRPS’, CPs, MDS’ is also extended to July 31, 2020.