Annual Secretarial Compliance Report for the Financial year ended 31.03.2025
Awaiting price reaction for this filing.
McNally Bharat Engineering Company filed its Annual Secretarial Compliance Report for FY25 as required under SEBI Listing Regulations. The company emerged from Corporate Insolvency Resolution Process (CIRP) after the NCLT approved its Resolution Plan on 3 December 2024, with a new Board constituted from 6 January 2025. During the review period, the company was levied multiple SOP fines by BSE and NSE for non-compliance with Board composition, committee constitution, quorum, and timely submission of financial results — mostly stemming from its CIRP period. Total fines across four quarters approximate Rs. 21-22 lakhs per stock exchange. The company has since reconstituted all mandatory committees, appointed a woman director on 14 February 2025, reviewed related party transactions, and filed waiver applications with stock exchanges as well as an Interlocutory Application with NCLT Kolkata, with next hearing scheduled for 16 June 2025.
For shareholders, this filing confirms the company has emerged from insolvency and rebuilt its governance structure, but historical non-compliances have attracted regulatory fines of around Rs. 40 lakhs across both exchanges. The pending waiver petition and NCLT proceedings could reduce or vacate these penalties. Stock price may remain sensitive to the outcome of the waiver hearing and the company's post-resolution operational performance.