Annual Secretarial Compliance
Awaiting price reaction for this filing.
Silverline Technologies Ltd has filed its Annual Secretarial Compliance Report for FY2024-25, audited by M/s P. M. Vala & Associates, Practicing Company Secretaries. The auditor identified two compliance lapses during the year: (1) the Corporate Governance Report for the June 2024 quarter was filed 7 days late (on 29 July 2024) under Regulation 27(2), attracting a fine of Rs. 1,400 plus GST, which has been paid; and (2) the Nomination and Remuneration Committee (NRC) did not have the required composition of an Independent Director as Chairperson for 92 days during the quarter ended 31 December 2024 under Regulation 19(1)/19(2), attracting a fine of Rs. 1,84,000 plus GST, which has been paid and the NRC was subsequently reconstituted with an Independent Director as Chairperson. All other 12 areas reviewed — secretarial standards, policy adoption, website disclosures, director disqualification, related party transactions, insider trading, SDD compliance, etc. — were found to be compliant. No actions were taken against the company or its directors by SEBI or the stock exchanges beyond the fines mentioned.
Both flagged lapses are historical, have been financially settled, and the NRC composition issue has been corrected. For shareholders, this points to some governance weaknesses that have been addressed, but is unlikely to have a material near-term impact on the stock price.