Annual Secretarial compliance report for the financial year ended 31st March 2025.
Awaiting price reaction for this filing.
Viaan Industries Ltd has officially changed its name to Redmax Footwears Limited, effective May 5, 2025, following approval from the Ministry of Corporate Affairs. The filing also includes the Annual Secretarial Compliance Report for FY25, which flags 13 instances of non-compliance with SEBI Listing Regulations. Most violations relate to the period when the company was under Corporate Insolvency Resolution Process (CIRP), with the new management taking over only on April 5, 2024. BSE has imposed monetary penalties totaling approximately Rs 33.28 lakh across various regulations, including delays in filing shareholding patterns, financial results, corporate governance reports, and absence of a functional website. The company has submitted waiver applications to BSE for several of these penalties, citing the legacy CIRP issues. The report confirms no director is disqualified and that the company has now adopted all required SEBI policies.
Shareholders should note the name change to Redmax Footwears Limited signals a strategic repositioning, likely tied to the footwear business post-CIRP revival. However, the multiple compliance lapses and accumulated BSE penalties highlight ongoing governance weaknesses, which could weigh on stock sentiment until waiver outcomes are known.