We all love last day. Submitting college assignments, paying electricity bills or filing IT returns, the queue will be the longest always on the last day. Corporate India is no different from this.
As per SEBI norms – clause 41 (I) (c), companies has to submit audited or unaudited quarterly and year to date standalone financial results to the stock exchange within one month of the end of each quarter (other than the last quarter).
For the first quarter of this financial year more than 1000 companies reported their earnings on the last day, July 31. This list includes well-known Indian companies like Reliance Communications, DLF, Tata Steel, Suzlon, Birla Corporation, Essar Oil, Bharat Forge, Apollo Hospitals and many more.
Good news for all these companies. It is proposed that the existing timeline under clause 41 (I) (c) may be extended to 2 months for those companies, which opt to submit to Stock Exchanges the consolidated financial results in addition to standalone financial results as per option under clause 41 (I) (e).
Will this reduce the no. of companies reporting their earnings on the last day? Last day habit is not that easy to get away with. Let us wait and see the numbers next August.
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