The chamber feels that such a practice could be counter productive since it may compel companies to window dress results to show improvement. A similar trend has been observed in the US, CII added.

CII further stated that the directive has also made it mandatory for companies to inform the stock exchanges of any material events immediately, which is a concern among the corporates. The chamber explained that the corporates feel that parting with information with respect to developments in pricing and realisation arising out of change in the regulatory framework may affect their competitiveness. Disclosure with regard to litigation and disputes may also unnecessarily prejudice the case of thecompany, the chamber said.

CII believes that the current practice of furnishing half-yearly results is adequate as it included the seasonal increases and declines in sales over a period of six months, which is a good indicator of the company's working.

The chamber urged that the directive should not be implemented and if it is felt that it is in the interest of the investors, the decision should be left to the discretion of the companies.