Non-compliance-clause 36

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2013 The company did not intimate about a case to the stock exchange filed by an ex-employee in the labour commission and did not disclose about the case in the annual report?

what may be the punishment / penalty against the company?

Ex-employee was terminated by the company for no reason and did not pay him the salary inspite of reminders and letters.

Ajay Mishra

Ajay Mishra (Expert)
Follow

10 December 2013 I think it will not cover under clause 36 of the Listing Agreement.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2013 But the employee has sent the complaint letter to SEBI BSE and MCA saying that the company has not disclosed intentionally about the pending case in the Annual Report.

What can happen in the worst case ?

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

Ajay Mishra

Ajay Mishra (Expert)
Follow

10 December 2013 As per my views it is not material in nature for the company.

So it is not generally required to disclose in Annual Report of this particular case, unless it is not material for you.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2013 Okayyy..

It is not material at all..

Thanks so much for the swift reply..

Ajay Mishra

Ajay Mishra (Expert)
Follow

10 December 2013 My Pleasure..........