The Exchange has sought clarification from Reliance Naval and Engineering Limited for the quarter ended 31-Mar-2023 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: -1. Consolidated Financial Results not submitted The response of the Company is awaited.
Awaiting price reaction for this filing.
The National Stock Exchange has sought clarification from Reliance Naval and Engineering Limited regarding non-submission of Consolidated Financial Results for the quarter ended March 31, 2023, citing violation of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to submit quarterly and annual financial results in the prescribed format. The company's response to the exchange query is currently awaited, indicating the matter remains unresolved. The company had apparently submitted standalone results but failed to provide consolidated financial results as required.
This raises red flags about the company's financial reporting compliance and could attract penalties from SEBI. Delayed or missing consolidated results may also signal underlying financial or operational issues that prevent proper consolidation of subsidiary performance.