Citing the relevant provision as per SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024 (December 12, 2024) {SEBI notification dated December 12, 2024 vide No. SEBI/LAD-NRO/GN/2024

The aforesaid provision has been substituted by the SEBI vide amendment dated 13.12.2024 which reads as under: Regulation 24A(1)(a) of the SEBI (LODR) Regulations, 2015, Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake Secretarial Audit by a Secretarial Auditor who shall be a Peer Reviewed Company Secretary and shall annex a Secretarial Audit Report in such form as specified, with the annual report of the listed entity. Consolidated Turnover of PQR Limited- ₹480 Crore M Limited having turnover ₹58 Crore (Incorporated in India) N Limited ₹65 Crore (Incorporated in Spain) O Limited ₹48 Crore. (Incorporated in India) This rule will not apply to N Limited although it is material subsidiary and its turnover is ₹65 Crore which is more than 10% of the Consolidated Turnover of the Listed entity but since it is incorporated in Spain so, the above mentioned regulation is not applicable on the N Limited. Hence, Regulation 24A(1)(a) does not apply to the N Limited (Unlisted Material Subsidiary Incorporated outside India.)