CMDA claimed that our quarterly report was delayed, by mistake: Dhiraagu

Dhiraagu has said that it was by mistake that the Capital Market Development Authority (CMDA) earlier said that Dhiraagu had failed to meet the deadline to publish its quarterly report.

Dhiraagu said that the mistake was due to confusion that arose from communications between the two organisations.

Dhiraagu said in a statement issued in this regard, that ‘as a responsible public limited company’, it gives high priority to publishing financial statements and sharing other information with shareholders.

CMDA said earlier that Dhiraagu had been fined MVR 30,000 for failure to publish its financial statements for the last quarter of 2012 before 30 April 2013.

Dhiraagu said in its statement that even though CMDA’s regulation states that the financial statements should be published within 30 days of the end of every quarter, Dhiraagu had been exempted by CMDA from following this rule.

Dhiraagu said that it was given exemption because its main shareholder is Cable and Wireless, a company listed in the London Stock Exchange, and thus is given 45 days after the end of every quarter to publish its financial statements.

Dhiraagu said that it would cause problems if financial information related to Cable and Wireless becomes available before they are published by the company.

Dhiraagu said that it had been granted this special exemption by CMDA for publishing financial statements of 2012.

Dhiraagu also apologised for this mistake caused by confusion in communications between the two organisations.