Annual Secretarial Compliance Report for the FY ended 31.03.2025
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Bank of Maharashtra has submitted its Annual Secretarial Compliance Report for FY 2024-25, certified by Practicing Company Secretary S.R. Siddheshwar & Co., as required under SEBI LODR Regulation 24A(2). The report flags multiple ongoing non-compliances related to Board composition: absence of a Woman Independent Director [Reg. 17(1)(a)], Independent Directors making up less than 50% of the Board [Reg. 17(1)(b)], and unfilled director vacancies beyond the 3-month window [Reg. 17(1E)]. As a result, the Audit Committee, Nomination & Remuneration Committee, and Risk Management Committee were not properly constituted from Q4 FY 2024-25 onwards due to expiry of two Independent Directors' tenure on 20.12.2024. The Bank attributes these gaps to delays by DFS/MoF/GoI in appointing directors, and has been writing monthly letters requesting appointments. The report also notes past penalties of Rs. 5,000 each from BSE and NSE for Regulation 23(9)/25(10) lapses, and an SEBI warning letter dated 12.03.2025 for not holding NRC meetings in FY 2022-23 and 2023-24.
For shareholders: While the Bank has cooperated with SEBI processes and remitted the small fines, the recurring governance lapses around Board independence and committee constitution highlight persistent structural issues stemming from government-appointed directors. This could attract continued regulatory scrutiny from SEBI and stock exchanges, though no material financial penalty or trading impact has been imposed so far.