10 July 2012
Here material variation means "Where the company opts to furnish unaudited financial results, there is a provision to provide explanation for variation between items of unaudited and audited quarterly/year to date/annual results if such variation exceeds a particular limit. This provision has been simplified in the revised clause 41. Accordingly, now the listed companies are required to provide explanation for variation between items of unaudited and audited quarterly/year to date/annual results only in respect of net profit or loss after Tax and for exceptional/extraordinary items instead of providing explanation for variation in any of the items in the proforma as exited earlier. Further, the regulator has mandated that such variation should not be more than 10% or Rs. 10 lakh whichever is higher in place of earlier stipulation of 20% or more."
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