Annual Compliance Certificate under Regulation 24A for the year ended 31st March, 2025
Awaiting price reaction for this filing.
JBF Industries has submitted its annual Secretarial Compliance Report for FY ending March 31, 2025, while under Corporate Insolvency Resolution Process (CIRP). The company was admitted into CIRP by the NCLT Ahmedabad Bench on January 25, 2024, and Mr. Mukesh Verma has been serving as the Resolution Professional since April 15, 2024. The Practicing Company Secretary flagged 10 instances of non-compliance with SEBI LODR regulations, including unpaid BSE listing fees for FY 2024-25, non-filing of related party transaction details for the half-year ended September 30, 2024, delayed intimation of a director's cessation and the company secretary's resignation, delayed annual report submission, an outdated website, missing newspaper clippings, and delayed filing of the Integrated Governance Report and Integrated Financial Reporting for the quarter ended December 31, 2024. The SDD compliance certificate under Insider Trading rules also remains pending. Most delays were attributed to staff shortages and resource limitations caused by the ongoing insolvency process, and BSE issued queries on certain filings. A previous non-compliance related to structured digital database disclosures from FY 2022-23 also remains unresolved.
The report reveals repeated compliance lapses during the insolvency period, which could attract further regulatory action from BSE and SEBI and may weigh on investor sentiment. With the board suspended and a Resolution Professional in charge, ordinary shareholders have little influence over governance, and resolution outcomes remain the key driver of any share price movement.