Annual Secretarial Compliance Report 31.03.2025
Awaiting price reaction for this filing.
Valecha Engineering Limited has submitted its Annual Secretarial Compliance Report for FY 2024-25, prepared by M/s. Ragini Chokshi & Co., Practicing Company Secretaries, dated 19.05.2025. The report flags two new non-compliances during the year: (1) under Regulation 18(1)(b), the Audit Committee did not have at least two-thirds of its members as Independent Directors, and (2) under Regulation 19(1)(b), the Nomination & Remuneration Committee did not have all members as Non-Executive Directors. The company's shares are noted as 'suspended due to procedural reasons' on stock exchanges. Additionally, several prior-year non-compliances from FY 2023-24 remain unresolved, including delays in filing related party transaction disclosures, shareholding pattern, financial results, newspaper publications, and share capital audit reconciliation. Management has stated that compliance issues are largely because the company is under the Corporate Insolvency Resolution Process (CIRP), with the entire Board of Directors currently suspended.
This filing highlights significant governance and compliance weaknesses during FY 2024-25, largely stemming from the company's ongoing CIRP process and suspended board. For shareholders, it confirms the stock remains suspended from trading and underscores continued operational and regulatory headwinds, though no new financial penalties or SEBI enforcement actions were imposed during the period.