FOLLOW ACCOUNTING STANDARDS CORPORATE RESTRUCTURING

Securities And Exchange Board of India (SEBI) has decided that it would bring out applicable accounting standards to be followed by a listed company undergoing corporate restructuring by way of merger, demerger or amalgamation. Such listed companies will have to submit an auditor's certificate to the stock exchanges to the effect that the accounting treatment followed in respect of financials contained in the corporate restructuring scheme, is as prescribed by SEBI. The Board will prescribe 'applicable accounting standards' through an amendment to the listing agreements.