Annual Secretarial Compliance - 31.03.2025
Awaiting price reaction for this filing.
Jaiprakash Associates has filed its Annual Secretarial Compliance Report for FY ending 31 March 2025, prepared by VKC & Associates. The company is currently under Corporate Insolvency Resolution Process (CIRP) since 3 June 2024, following an NCLT Allahabad order on an IDBI Bank petition under Section 7 of IBC, 2016, with Resolution Professional Mr. Bhuvan Madan in charge. The Board of Directors' powers are suspended, and only one board meeting was held during the review period (11 May 2024). Three compliance deviations were noted: a slight delay in submitting the Shareholding Pattern to BSE (fine of Rs 23,601 imposed, waived by NSE but pending with BSE), a delay in publishing the post-AGM newspaper advertisement due to newspaper offices being closed on a weekend, and a recurring mismatch of 8,24,598 equity shares listed on BSE but not on NSE. All other SEBI LODR compliance requirements, including insider trading, related party transactions, event disclosures, and website maintenance, were confirmed as complied with.
Shareholders should note that the company remains under insolvency resolution, which continues to overshadow operations and governance. The unresolved BSE-NSE listing discrepancy for over 8 lakh shares is a recurring technical issue, and the pending Rs 23,601 fine waiver with BSE remains an open item, though none of these materially affect share price immediately.