AI Structured Summary
Not yet generated for this judgment
Judgment
Vibhu Bakhru, J.
This is an application filed by the petitioner inter alia praying as under:--
"Extend the period of complying with the requirements of the Companies Act, 2013 and Clause 41 of the Listing Agreement for publication of the audited financial results for the year ended 31st March, 2014 and for the quarter ended 30th June, 2014, at least by a further period of 30 days; and/or;"
By an order dated 05.08.2014, this Court had set aside the orders dated 16.06.2014 passed by the National Stock Exchange Limited and the Bombay Stock Exchange Limited and remanded the matter for being considered afresh subject to the petitioner complying with clause 41 of the Listing Agreement within three weeks from that date. The petitioners now state that they are unable to comply with clause 41 of the Listing Agreement as they still did not have a quorum for holding a Board Meeting as the application for security clearance of the third Director was furnished on 25.08.2014.
In the given circumstances, the time period for complying with Section 41 of the Listing Agreement is extended by a further period of four weeks. However, it is clarified that the same does not in any manner indicate that the delay caused by the petitioner is condonable and the respondents shall be at liberty to take an independent view on the question of default committed by the petitioner. The application is disposed of with the aforesaid directions.