Annual Compliance Certificate for the year ended 31st March 2024
Awaiting price reaction for this filing.
Poddar Housing and Development Limited submitted its annual secretarial compliance report for the financial year ended March 31, 2024, with overall compliance marked as satisfactory for most SEBI rules. However, the practising company secretary flagged that the board had only 4 directors and that committee compositions did not meet SEBI's listing rules (Regulations 17, 18, 19, and 20). Stock exchanges BSE and NSE levied multiple fines, the largest being Rs. 7.25 lakh for late submission of audited yearly results for March 2023, followed by Rs. 5.25 lakh and Rs. 1.35 lakh for delayed quarterly results in June and September 2023. The exchanges also froze the demat accounts of the promoters as a penalty for these repeated delays. Several smaller fines were added for late filing of shareholder complaints, voting results, shareholding pattern, and related party transaction disclosures.
The compliance gaps, multiple penalties, and frozen promoter demat accounts point to weak governance and may concern investors. Restrictions on promoter share sales could also reduce stock liquidity until these issues are fixed.