Salasar Exteriors Exempts Itself from Corporate Governance Report Requirement
Team Finance Saathi
15/Jan/2025
What's covered under the Article:
- Salasar Exteriors claims exemption from submitting the Corporate Governance Report for Q4 2024.
- The company clarifies its eligibility for exemption under SEBI Regulation 15(2) for SME listings.
- SEBI's LODR provisions will be applicable within six months for the company.
Salasar Exteriors and Contour Ltd., a company listed on the NSE SME Platform, has officially communicated its exemption from submitting the Corporate Governance Report under Regulation 27(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This exemption arises due to the company's listing on the SME Exchange, which qualifies it for an exemption under Regulation 15(2) of the same regulations.
Regulatory Exemption Clarification
According to SEBI guidelines, entities listed on the SME (Small and Medium Enterprise) Exchange are granted a degree of relaxation from complying with certain Corporate Governance provisions. Specifically, the provisions related to the Corporate Governance Report under Regulation 27(2) do not apply to companies like Salasar Exteriors that are listed on the SME Platform.
The company has formally notified the National Stock Exchange of India about this exemption, clarifying that it will not be submitting the Corporate Governance Report for the quarter ending December 31, 2024.
SME Exchange and SEBI's Relaxation
The NSE SME Platform caters to small and medium enterprises, allowing them to raise capital while also simplifying certain regulatory requirements to foster growth and innovation. The SEBI regulations provide that companies listed under the SME Exchange are not required to comply with all the Corporate Governance provisions outlined in Regulations 17 to 27 of the SEBI (LODR).
However, the company has made it clear that it intends to comply with these regulations within six months, as specified under the regulation. This means that Salasar Exteriors is not required to submit the report for the current period but will adhere to all governance requirements at a later stage.
Future Plans and Compliance
Although the company is currently exempt from the Corporate Governance Report requirement, it remains committed to ensuring that it aligns with best practices in corporate governance as it continues its operations. The six-month timeline for compliance will allow the company to adapt to the evolving regulatory environment, particularly as it grows and develops on the NSE SME Platform.
This update from Salasar Exteriors and Contour Ltd. provides clarity to investors, shareholders, and the market at large, ensuring that there are no ambiguities surrounding the company's corporate governance obligations for the near future.
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