05/10/2016

Clause49oftheListingAgreement

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Published:January04,2012|Author:saarth1989
Category:CompanyLaw|TotalViews:18877|Unrated

Corporate governance is concerned with holding the balance

between economic and social goals and between individual and
communal goals. The governance framework is there to
encourage the efficient use of resources and equally to require
accountabilityforthestewardshipofthoseresources.Theaimisto
alignasnearlyaspossibletheinterestsofindividuals,corporations
and society. Sir Adrian Cadbury, UK, Commission Report:
CorporateGovernance1992

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Clause49oftheListingAgreement(Saveas.pdf)

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saarth1989
SaarthDhingra
4thyearlaw
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Importantpoints
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The basic criterion on which the whole Listing Agreement based is Corporate Governance.
Currently there are 54 Clauses in the Listing Agreement and all of them based on this very
concept. Further, there is a clause which specifically deals with Corporate Governance i.e.
Clause49.
Listingmeansadmissionofsecuritiestodealingsonarecognizedstockexchange.Thesecurities
may be of any public limited company, Central or State Government, quasi governmental and
otherfinancialinstitutions/corporations,municipalities,etc.
Theobjectivesoflistingaremainlyto:
provideliquiditytosecurities
mobilizesavingsforeconomicdevelopment
protectinterestofinvestorsbyensuringfulldisclosures.
A company, desirous of listing its securities on the Exchange, shall be required to file an
application, in the prescribed form, with the Exchange before issue of Prospectus by the
company, where the securities are issued by way of a prospectus or before issue of 'Offer for
Sale',wherethesecuritiesareissuedbywayofanofferforsale.
The basic criterion on which the whole Listing Agreement based is Corporate Governance.
Currently there are 54 Clauses in the Listing Agreement and all of them based on this very
concept. Further, there is a clause which specifically deals with Corporate Governance i.e.
Clause 49. By way of Listing Agreement inter alia, Stock Exchange ensures on behalf of SEBI
thattheCompaniesarefollowinggoodCorporateGovernancePractice.
Assuch,theListingAgreementisofgreatimportanceandisexecutedunderthecommonsealof
acompany.UndertheListingAgreement,theCompanyisrequiredtomakecertaindisclosures
and perform certain acts, failing which the company may face disciplinary action, including
suspension / delisting of securities. A Company undertakes, amongst other things, to provide
facilities for prompt transfer, registration, subdivision and consolidation of securities to give
propernoticeofclosureoftransferbooksandrecorddates,toforwardcopiesofAnnualReports,
Balance Sheets and Profit and Loss Accounts to Stock Exchange, to file shareholding patterns
and financial results on a quarterly basis to intimate promptly to the Exchange the happenings
whicharelikelytomateriallyaffectthefinancialperformanceoftheCompanyanditsstockprices,
to comply with the conditions of Corporate Governance, etc. The Listing Department of Stock
Exchange monitors the compliance by the companies with the provisions of the Listing
Agreement,especiallywithregardtotimelypaymentofannuallistingfees,submissionofresults,
shareholdingpatternsandcorporategovernancereportsonaquarterlybasis.

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A company intending to have its securities listed on BSE has to comply with the listing
requirementsprescribedbyit.Someoftherequirementsareasunder:
MinimumListingRequirementsforNewCompanies
MinimumRequirementsforCompaniesDelistedbyBSEseekingrelistingonBSE
PermissiontoUsetheNameofBSEinanIssuerCompany'sProspectus
SubmissionofLetterofApplication
AllotmentofSecurities
TradingPermission
Requirementof1%Security
PaymentofListingFees
CompliancewiththeListingAgreement
CashManagementServices(CMS)CollectionofListingFees
MinimumListingRequirementsforNewCompanies
The following eligibility criteria have been prescribed effective August 1, 2006 for listing of
companiesonBSE,throughInitialPublicOfferings(IPOs)&FollowonPublicOfferings(FPOs):

CopyrightRegistration

Companieshavebeenclassifiedaslargecapcompaniesandsmallcapcompanies.Alargecap
companyisacompanywithaminimumissuesizeofRs.10croreandmarketcapitalizationofnot
lessthanRs.25crore.Asmallcapcompanyisacompanyotherthanalargecapcompany.

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Callusat:9891244487/oremail
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InrespectofLargeCapCompanies,
Theminimumpostissuepaidupcapitaloftheapplicantcompany(hereinafterreferredtoas"the
Company")shallbeRs.3croreand

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LawUpdates:

TheminimumissuesizeshallbeRs.10croreand

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Clause49oftheListingAgreement
TheminimummarketcapitalizationoftheCompanyshallbeRs.25crore(marketcapitalization
shallbecalculatedbymultiplyingthepostissuepaidupnumberof equityshares withthe issue
price).
InrespectofSmallCapCompanies,
TheminimumpostissuepaidupcapitaloftheCompanyshallbeRs.3croreand
TheminimumissuesizeshallbeRs.3croreand
The minimum market capitalization of the Company shall be Rs. 5 crore (market capitalization
shallbecalculatedbymultiplyingthepostissuepaidupnumberof equityshares withthe issue
price)and
Theminimumincome/turnoveroftheCompanyshallbeRs.3croreineachoftheprecedingthree
12monthsperiodand
Theminimumnumberofpublicshareholdersaftertheissueshallbe1000.
A due diligence study may be conducted by an independent team of Chartered Accountantsor
Merchant Bankers appointed by BSE, the cost of which will be borne by the company. The
requirement of a due diligence study may be waived if a financial institution or a scheduled
commercialbankhasappraisedtheprojectinthepreceding12months.
Forallcompanies:
In respect of the requirement of paidup capital and market capitalization, the issuers shall be
requiredtoincludeinthedisclaimerclauseformingapartoftheofferdocumentthatintheevent
of the market capitalization (product of issue price and the post issue number of shares)
requirementofBSEnotbeingmet,thesecuritiesoftheissuerwouldnotbelistedonBSE.
The applicant, promoters and/or group companies, shall not be in default in compliance of the
listingagreement.Theaboveeligibilitycriteriawouldbeinaddition to the conditions prescribed
underSEBI(DisclosureandInvestorProtection)Guidelines,2000.
MinimumRequirementsforCompaniesDelistedbyBSEseekingRelistingonBSE
CompaniesdelistedbyBSEandseekingrelistingatBSEarerequiredtomakeafreshpublicoffer
andcomplywiththeextantguidelinesofSEBIandBSEregardinginitialpublicofferings.
PermissiontoUsetheNameofBSEinanIssuerCompany'sProspectus
Companies desiring to list their securities offered through a public issue are required to obtain
priorpermissionofBSEtousethenameofBSEintheirprospectusorofferforsaledocuments
beforefilingthesamewiththeconcernedofficeoftheRegistrarofCompanies.
BSE has a Listing Committee, comprising of market experts, which decides upon the matter of
grantingpermissiontocompaniestousethenameofBSEintheirprospectus/offer documents.
This Committee evaluates the promoters, company, project, financials, risk factors and several
otheraspectsbeforetakingadecisioninthisregard.Decisionwithregardtosometypes/sizesof
companieshasbeendelegatedtotheInternalCommitteeofBSE.
SubmissionofLetterofApplication
AsperSection73oftheCompaniesAct,1956,acompanyseekinglistingofitssecuritiesonBSE
isrequiredtosubmitaLetterofApplicationtoallthestockexchangeswhereitproposestohave
itssecuritieslistedbeforefilingtheprospectuswiththeRegistrarofCompanies.
5.AllotmentofSecurities
As per the Listing Agreement, a company is required to complete the allotment of securities
offeredtothepublicwithin30daysofthedateofclosureofthesubscriptionlistandapproachthe
Designated Stock Exchange for approval of the basis of allotment. In case of Book Building
issues,allotmentshallbemadenotlaterthan15daysfromtheclosureoftheissue,failingwhich
interestattherateof15%shallbepaidtotheinvestors.
6.TradingPermission
AsperSEBIGuidelines,anissuercompanyshouldcompletetheformalitiesfortradingatallthe
stockexchangeswherethesecuritiesaretobelistedwithin7workingdaysoffinalizationofthe
basisofallotment.
A company should scrupulously adhere to the time limit specified in SEBI (Disclosure and
Investor Protection) Guidelines 2000 for allotment of all securities and dispatch of allotment
letters/share certificates/credit in depository accounts and refund orders and for obtaining the
listing permissions of all the exchanges whose names are stated in its prospectus or offer
document.Intheeventoflistingpermissiontoacompanybeingdeniedbyanystockexchange
whereithadappliedforlistingofitssecurities,thecompanycannotproceedwiththeallotmentof
shares.However,thecompanymayfileanappealbeforeSEBIunderSection22oftheSecurities
Contracts(Regulation)Act,1956.
Requirementof1%Security
Companiesmakingpublic/rightsissuesarerequiredtodeposit1%oftheissueamount with the
DesignatedStockExchange beforethe issueopens.Thisamount isliable tobe forfeitedin the
eventofthecompanynotresolvingthecomplaintsofinvestorsregardingdelayinsendingrefund
orders/sharecertificates,nonpaymentofcommissiontounderwriters,brokers,etc.
8.PaymentofListingFees
AllcompanieslistedonBSEarerequiredtopaytoBSEtheAnnualListingFeesby30thAprilof
everyfinancialyearaspertheScheduleofListingFeesprescribedfromtimetotime.
CompliancewiththeListingAgreement
Companies desirous of getting their securities listed at BSE are required to enter into an
agreementwithBSEcalledtheListingAgreement,underwhichtheyarerequiredtomakecertain
disclosures and perform certain acts, failing which the company may face some disciplinary
action, including suspension/delisting of securities. As such, the Listing Agreement is of great
importanceandisexecutedunderthecommonsealofacompany.UndertheListingAgreement,
acompanyundertakes,amongstotherthings,toprovidefacilitiesforprompttransfer,registration,
subdivisionandconsolidationofsecuritiestogivepropernoticeofclosureoftransferbooksand
recorddates,toforward6copiesofunabridgedAnnualReports,BalanceSheetsandProfitand
LossAccountstoBSE,tofileshareholdingpatternsandfinancialresultsonaquarterlybasisto
intimate promptly to the Exchange the happenings which are likely to materially affect the
financial performance of the Company and its stock prices, to comply with the conditions of
CorporateGovernance,etc.

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Clause49oftheListingAgreement
TheListingDepartmentofBSEmonitorsthecompliancebythecompanieswiththeprovisionsof
theListingAgreement,especiallywithregardtotimelypaymentofannuallistingfees,submission
of results, shareholding patterns and corporate governance reports on a quarterly basis. Penal
actionistakenagainstthedefaultingcompanies.
CashManagementServices(CMS)CollectionofListingFees
Inordertosimplifythesystemofpaymentoflistingfees,BSEhasenteredintoanarrangement
withHDFCBankforcollectionoflistingfeesfrom141locationsalloverthecountry.Detailsofthe
HDFC Bank branches are available on the website site www.bseindia.com as well as on the
HDFCBankwebsitewww.hdfcbank.com.Thisfacilityisbeingprovidedfreeofcost.Companies
intendingtoutilizethisfacilityforpaymentoflistingfeeshouldfurnishtheinformationintheCash
ManagementCashDepositSlip.
ImportanceOfListingAgreement
1. Through this agreement company undertakes to provide prompt facilities like transfer,
consolidation,subdivision,consolidationofsecurities.
2.Providepropernoticeforrecorddatesandbookclosure.
3.Furnishaccountsonquarterlybasis.
4.IntimateStockExchangesthehappeningswhicharelikelytoaffectthefinancialperformance
ofthecompany&itsstockprices.
5.Complywiththecorporategovernanceconditions.
6.Forwardcopiesofitsannualreportandaccountstoitsshareholders.
Clause49OfTheListingAgreement
Business history suggests that it often takes a scandal or two of unhealthy proportion to really
bringintosharprelieftheroleofethicsandgovernanceinbusiness.
True to that, the Satyam debacle, India's Enron, has had a profound influence on the Indian
businessenvironmentandtherewasaredoubledeffortonthepartofboththegovernmentand
othercorporationstoensuregovernancecodesweretightened.
Clause49oftheListingAgreement,whichdealswithCorporateGovernancenormsthatalisted
entityshouldfollow,wasfirstintroducedinthefinancialyear200001basedonrecommendations
ofKumarMangalamBirlaCommittee.ThereportoftheCommitteewasconsideredandadopted
by SEBI Board in its meeting held on January25, 2000. The recommendations are to be
implemented through the amendment to the listing agreement of the stock exchanges.
Internationally, listing agreement has been used in most markets to implement corporate
governanceinthelistedcompanies.
TheinitiativestakenbyGovernmentin1991,aimedateconomicliberalizationandglobalizationof
the domestic economy, led India to initiate reform process in order to suitably respond to the
developmentstakingplaceworldover.OnaccountsofinterestgeneratedbyCadburyCommittee
Report, Confederation of Indian Industries (CII), the Associated chambers of Commerce and
Industry (ASSOCHAM) and, the Securities and Exchange Board of India (SEBI) constituted
committeestorecommendinitiativesinCorporateGovernance.TherecommendationsofKumar
Mangalam Birla Committee, constituted by SEBI, led to the addition of Clause 49 in the Listing
Agreement in February 2000. These recommendations, aimed at improving the standards of
corporate governance are divided into mandatory and non mandatory recommendations. The
recommendations have been made applicable to all listed companies, their Directors,
Management, Employees and Professionals associated with such companies. The ultimate
responsibilityofputtingtherecommendationsintopracticeliesdirectlywiththeBoardofDirectors
andtheManagementoftheCompany.
After these recommendations were in place for about two years, SEBI, in order to evaluate the
adequacy of the existing practices and to further improve the existing practices set up a
committee under the Chairmanship of Mr. Narayana Murthy during 200203. The Murthy
committee,afterholdingthreemeetings,hadsubmittedthedraftrecommendationsoncorporate
governancenorms.Afterdeliberations,SEBIacceptedtherecommendationsinAugust2003and
asked the Stock Exchanges to revise Clause 49 of the Listing Agreement based on Murthy
committee recommendations. This led to widespread protests and representations from the
Industry thereby forcing the Murthy committee to meet again to consider the objections. The
committee,thereafter,considerablyrevisedtheearlierrecommendations andthesame was put
uponSEBIwebsiteon15thDecember2003forpubliccomments.Itwasonlyon29thOctober
2004thatSEBIfinallyannouncedrevisedClause49,whichwillhavetobeimplementedbythe
end of financial year 200405. These revised recommendations have also considerably diluted
the original Murthy Committee recommendations. Areas where major changes were made
include:
IndependenceofDirectors,
WhistleBlowerpolicy,
Performanceevaluationofnonexecutivedirectors,
Mandatorytrainingofnonexecutivedirectors,etc.
The changes in corporate governance norm as prescribed in the revised Clause 49 are as
follows:
CompositionofBoard
Therevisedclauseprescribessixtests,whichanonexecutivedirectorneedstopass to qualify
as an Independent Director. The existing requirement is that to qualify as an Independent
Director, the director should not have, apart from receiving directors remuneration, any other
materialpecuniaryrelationshiportransactionswiththecompany,itspromoters,itsmanagement
oritssubsidiaries, which in the judgment of the Board may affect independence of judgment of
thedirector.Thisrequirementfindsplaceintherevisedclausealso except that the relationship
will now extend to its management, its holding company and its associates in addition to the
existinglist.FurthertheBoardisnolongerrequiredtojudgetheindependencestatusofadirector
as at present. Five new clauses have been added to determine independence of a director.
Theseare:
(i)Heisnotrelatedtopromotersorpersonsoccupyingmanagementpositionsattheboardlevel
oratonelevelbelowtheboard
(ii)Hehasnotbeenanexecutiveofthecompanyintheprecedingthreefinancialyears
(iii)Heisnotapartneroranexecutiveorwasnotpartneroranexecutiveduringthepreceding
three years of (a) the statutory audit firm or the internal audit firm that is associated with the
company and (b) the legal and consulting firms that have a material association with the
company

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Clause49oftheListingAgreement
(iv) He is not a material supplier, service provider or customer or a lessor or lessee of the
company,and
(v)Heisnotasubstantialshareholderofthecompanyowningtwopercentormoreoftheblockof
votingshares.
NonExecutiveDirectorscompensation&disclosures
Anewrequirementhasbeenprovidedforobtainingpriorapprovalofshareholdersforpaymentof
fees/compensationtononexecutivedirectors.Ifthereisstockoption,thelimitforthemaximum
number that can be granted to nonexecutive directors in any financial year and in aggregate
shouldbedisclosed.
According to the Companies Act, 1956 fees paid to directors do not form part of Managerial
remunerationandhencenoapprovalofshareholdersforpaymentoffeestodirectorsisrequired.
Listed companies will now need to obtain prior approval of shareholders for payment of sitting
feestodirectors.
UnlesstheGovernmentiscontemplatingtochangethelawandbringsittingfeeswithintheambit
ofManagerialremunerationthiscontradictionshouldhavebeenavoided.
AuditCommittee
FollowingarethechangeswithregardtoAuditCommittee:
(i) Twothird of the members of Audit committee shall be independent directors as against the
presentrequirementofmajoritybeingindependent
(ii) Earlier, only nonexecutive directors could be members of Audit committee. The revised
clausehasomittedthisrequirement.
(iii) All members of the Audit committee shall be financially literate (as defined in the revised
clause) as against the existing requirement of at least one member having financial and
accountingknowledge.
(iv)MinimumnumberofAuditcommitteemeetingsinayearincreasedto4from3.
(v)RoleoftheAuditcommitteehasbeenenlargedtoinclude(a)mattersrequiredtobeincluded
inDirectorsResponsibilitystatement(b)toreviewthefunctioningofWhistleBlowermechanism
ifthesameexistsand(c)reviewofperformanceofstatutoryandinternalauditors.
(vi)TheAuditcommitteewillalsomandatorilyreview(a)Management
Discussion and Analysis of Financial condition and results of operations (b) statement of
significantrelatedpartytransactions
(c)Managementletters/lettersofinternalcontrolweaknessesissuedbythestatutoryauditors(d)
Internalauditreportsrelatingtointernalcontrolweaknesses,and
(vii)Toreviewtheappointment,removalandtermsofremunerationoftheChiefInternalAuditor.
The Audit committee will no longer be required to review the companys financial and risk
managementpolicies.Riskassessmentandminimizationprocedureswillnowbereviewedbythe
Board.
ListedcompaniesshouldnowascertainfromtheirrespectiveAuditcommitteesthefrequencyof
reporting related party transactions, frequency of discussing Management letters issued by the
statutoryauditorsetc.
OtherProvisionsRelatedToBoard
(i) Gap between two meetings has been reduced to three months from four months ruling at
present.
(ii) A code of Conduct for Board members and senior management has to be laid down by the
Board which should be posted on the website of the company. All Board members and senior
managementshouldaffirmcompliancewiththecodeonannualbasisandtheannualreportshall
containadeclarationtothiseffectsignedbytheCEO.
SubsidiaryCompanies
Thesearenewrequirements,whichprovideforthefollowing:
(i)AtleastoneindependentdirectorontheBoardoftheholdingcompanyshallbeadirectoron
theboardofamaterialnonlistedIndiansubsidiarycompany
(ii) The audit committee of the holding company shall review the financial statements, in
particular,theinvestmentsmadebytheunlistedsubsidiarycompany
(iii) The minutes of board meetings of the unlisted subsidiary company shall be placed at the
board meeting of the holding company. The management should periodically bring to the
attention of the holding company a statement of all significant transactions and arrangements
enteredintobytheunlistedsubsidiarycompany.
6.Disclosures
Followingnewdisclosurerequirementshavebeenspecifiedintherevisedclause49:
(i) Statement on transactions with related parties in the ordinary course of business shall be
placedbeforetheAuditcommitteeperiodically
(ii) Details of material individual transactions with related parties which are not in the normal
courseofbusinessshallbeplacedbeforetheAuditcommitteeand
(iii) Details of material individual transactions with related parties or others, which are not on
arms length basis, should be placed before Audit committee together with managements
justificationforthesame.Herealso,thewordmaterialhasnotbeendefined.Listedcompanies
should ascertain from their respective audit committees the frequency of reporting such
transactions.
(iv)Financialstatementsshoulddisclosetogetherwithmanagementsexplanationanyaccounting
treatmentdifferentfromthatprescribedinAccountingStandard.
(v)The company will lay down procedures to inform board members about the risk assessment

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Clause49oftheListingAgreement
andminimizationprocedureswhichshallbeperiodicallyreviewedbytheBoard.
(vi) The company shall disclose to the Audit committee on a quarterly basis the use of funds
raised through public/ rights/preferential issues. Annually a statement showing use of funds for
purposesotherthanthosestatedin
Offerdocument/prospectusshouldbeplacedbeforetheAuditcommittee.Suchstatementshould
becertifiedbythestatutoryauditors.
(vii)UnderRemunerationofDirectorsnewdisclosurerequirementshavebeenprescribed,which
includecriteriaofmakingpaymentstononexecutivedirectors,sharesandconvertibleinstruments
held by nonexecutive directors and shareholding (both own and held on beneficial basis) of
nonexecutive directors to be disclosed in the notice of general meeting called for approving
appointmentofsuchdirector.
7.CEO/CFOCertification
ThisisanewrequirementandisbasedontheSarbanesOxleyActofUSA.Thishadalsobeen
recommendedbytheNareshChandraCommitteesetupbytheCentrein200203.Therevised
ClauseonlyrequiresCEOandCFOtocertifytotheBoardtheannualfinancialstatementsinthe
prescribedformat.
Whilethiscertificationwillcertainlyprovidecomforttothenonexecutivedirectorsandwillindeed
act as the basis for the Board to make Directors Responsibility Statement in terms of section
217(2AA)oftheCompaniesAct,
1956,itisnotclearwhySEBIdidnotrequirethelistedcompaniestoincludesuchcertificationin
theAnnualReport.
8.ComplianceReports
TheformatofquarterlyreporttobesubmittedtotheStockExchangeshasbeenrevisedandthe
new format follows the revised requirements of Clause 49. The CEO or the Compliance officer
can now sign the compliance report. The annual corporate governance report should disclose
adoptionornonadoptionofnonmandatoryrequirements.
9.NonMandatoryrequirements
Five new items have been added under nonmandatory requirements and the existing item on
Postalballothasbeendeleted.
The first new item states that Independent directors may not have tenure not exceeding in the
aggregateaperiodofnineyearsontheBoardofthecompany.
Thenextitemrelatestocompaniesmovingtowardsaregimeofunqualifiedauditreport.
Thethirditemdealswithtrainingofboardmembersinthebusinessmodelofthecompanyaswell
as risk profile of the business parameters of the company and responsibilities of directors and
howbesttodischargeit.
The fourth item deals with performance evaluation of nonexecutive directors by a peer group
comprisingtheentireBoard.
Thefifthitemrelatestosettingupofawhistleblowerpolicyinthecompany.
Conclusion
Corporate governance in India has undergone a paradigm shift by gradually becoming more
consciencedriven due to interests of customers, employees, vendors and regulators. With the
recent spate of corporate scandals and the subsequent interest in corporate governance, a
plethora of corporate governance norms and standards have sprouted around the globe. The
SarbanesOxleylegislationintheUSA,theCadburyCommitteerecommendationsforEuropean
companiesandtheOECDprinciplesofcorporategovernanceareperhapsthebestknownamong
these.
Butdevelopingcountrieshavenotfallenbehindeither.Welloverahundreddifferentcodesand
norms have been identified in recent surveys and their number issteadily increasing.India has
beennoexceptiontotherule.
In the last few years, the thinking on the topic in India has gradually crystallized into the
developmentofnormsforlistedcompanies.Theproblemforprivatecompanies,thatformavast
majority of Indian corporate entities, remains largely unaddressed. Development of norms and
guidelines are an important first step in a serious effort to improve corporate governance. The
biggerchallengeinIndia,however,liesintheproperimplementationofthoserulesattheground
level.
Even the most prudent norms can be hoodwinked in a system plagued with widespread
corruption. Nevertheless, with industry organizations and chambers of commerce themselves
pushing for an improved corporate governance system, the future of corporate governance in
India promises to be distinctly better than the past. If practiced in the right spirit, it can lead to
unlockingtheintellectualpoweroftheboardandmanagementtofocusorganizationaleffortson
valuecreatingobjectivesusingethicalmeans.
Technology, laws and regulations, disruptive events and demand for greater accountability are
the business drivers for embracing new governance practices. Moreover, security, identity and
access, information rights management, email retention, centrally controlled spreadsheets,
management and reporting are the enabling technologies for visionary corporate governance
practices.
*******************************
#AnkurSrivastava,PracticalAspectsonListingAgreement,CorporateLaw,2011
#AnkurSrivastava,PracticalAspectsonListingAgreement,CorporateLaw,2011
#Availableathttp://www.bseindia.com/about/abintrobse/listsec.aspvisitedonAugust16,2011.
#Availableathttp://www.bseindia.com/about/abintrobse/listsec.aspvisitedonAugust16,2011.
#Availableathttp://www.bseindia.com/about/abintrobse/listsec.aspvisitedonAugust16,2011.
#Availableathttp://www.bseindia.com/about/abintrobse/listsec.aspvisitedonAugust16,2011.
#Availableathttp://www.bseindia.com/about/abintrobse/listsec.aspvisitedonAugust16,2011.
#Availableathttp://www.bseindia.com/about/abintrobse/listsec.aspvisitedonAugust16,2011.
#
Available
at
http://articles.economictimes.indiatimes.com/201007
21/news/27605131_1_corporategovernancegovernancecodescompanies
visited
on
September26,2011.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.

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05/10/2016

Clause49oftheListingAgreement
#K.R.Chandratre&A.N.Navare,CorporateGovernanceAPracticalHandbookwithExhaustive
CommentaryonClause49oftheListingAgreement,(NewDelhiBharatLawHouse)2010
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
#Availableathttp://www.directorsdatabase.com/Clause49.aspvisitedonAugust16,2011.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
#Availableathttp://www.directorsdatabase.com/Clause49.aspvisitedonAugust16,2011.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
#Availableathttp://www.directorsdatabase.com/Clause49.aspvisitedonAugust16,2011.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
# Dilip Kumar Sen, Clause 49 of the Listing Agreement on Corporate Governance, The
CharteredAccountant,2004.
Theauthorcanbereachedat:nirma@legalserviceindia.com

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