Annual Secretarial Compliance Report
Awaiting price reaction for this filing.
McNally Bharat Engineering Company has submitted its Annual Secretarial Compliance Report for FY ended March 2026. The company had undergone Corporate Insolvency Resolution Process (CIRP) under IBC 2016, with the Resolution Plan by BTL EPC Limited becoming effective on 6th January 2025. Since the board reconstitution on 6th January 2025, the company has formed all mandatory committees (Audit, NRC, SRC) and appointed a woman director. However, BSE and NSE levied SOP fines for non-compliance with SEBI LODR Regulations across multiple quarters, including board composition issues (Regulation 17), quorum requirements (Regulation 17(2A)), committee constitution (Regulations 18, 19, 20), and a 4-day delay in Q3 FY26 financial results submission due to Income Tax department inspection. Total fines across all quarters amount to several lakhs of rupees.
Shareholders should note that while the company has corrected governance deficiencies post-revival, cumulative regulatory fines indicate past non-compliance. The underlying CIRP process has been resolved, and current governance structure appears compliant.