The Exchange had sought clarification from Modi Rubber Limited for the quarter ended 30-Sep-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
MODIRUBBER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The NSE had asked Modi Rubber Limited to explain why interim financial results of one Joint Venture (Rs. 105.39 Lacs profit after tax for Q2 FY25) and one Associate (Rs. 209.47 Lacs for H1 FY25) were included in the consolidated quarterly results without being independently reviewed by their auditors. The company's auditor, P N A M & Co. LLP, clarified that these entities' results are not material to the Group, and were instead certified by management. The auditor confirmed that the 80% audit/review threshold required under SEBI's LODR Regulation 33 is still met, and the review conclusion on the consolidated results remains unmodified.
This is a procedural compliance clarification rather than a material financial event. The unreviewed amounts are relatively small and deemed non-material, so there is no expected impact on shareholders or the stock price. Investors may, however, note that part of the consolidated earnings relies on management-certified figures from JV/Associate entities.