Annual Complinace report for the financial year 2023-2024 Pursuant to the Regulation 24(A) of SEBI (LODR) Regulation,2015 Read with relevent circular(s) issued by the SEBI / Exchange from ....
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RCI Industries & Technologies Limited filed its Annual Secretarial Compliance Report for FY 2023-24 under SEBI Regulation 24A, prepared by Gopal S & Co., Company Secretaries. The company has been under Corporate Insolvency Resolution Process (CIRP) since November 25, 2022, with Mr. Brijesh Singh Bhadauriya acting as Resolution Professional. The report highlights multiple SEBI LODR non-compliances including no qualified Company Secretary on board, unpaid annual listing fees of Rs. 3.83 lakh, delayed shareholding pattern filings (fines of Rs. 44,840 and Rs. 51,920), non-submission of financial results for five quarters (fines of Rs. 1,77,600 and Rs. 1,71,100), and non-submission of the FY 2022-23 Annual Report (fine of Rs. 1,15,640). Total BSE fines across these violations amount to approximately Rs. 7.02 lakh. The company attributes these lapses to mass resignations of the CS and CFO post-CIRP, non-cooperation from the suspended Managing Director who withheld financial records, and delays from statutory auditors. The newly appointed auditor in January 2024 has also since resigned, with another appointment pending.
The extensive compliance failures, unresolved financial reporting, and ongoing insolvency proceedings signal serious operational and governance distress, posing continued risk to shareholders regarding the company's viability and potential delisting.