Annual Secretarial Compliance report for the year ended March 31, 2025
Awaiting price reaction for this filing.
Radha Madhav Corporation (RMCL) filed its Annual Secretarial Compliance Report for FY25, prepared by NVB & Associates, which reveals serious and ongoing compliance failures. The company paid annual listing fees to both NSE and BSE late, attracting massive penalties of Rs. 12.24 crore from NSE and Rs. 12.31 crore from BSE (totalling about Rs. 24.55 crore), for which waiver requests were sent but no outcome is mentioned. Multiple regulatory filings including shareholding patterns, financial results, compliance certificates, and investor complaints were delayed or not filed at all. The company is also yet to get listing approval from BSE and NSE (it only has a temporary ISIN), an NCLT matter in Ahmedabad remains pending, Independent Directors have not registered on the data bank, and the Wholly-Owned Subsidiary has not filed Form INC-20A. While the company secretary Nithish Bangera has signed off that general board processes and policies are in place, the annexures show a long pattern of non-compliance carried over from the previous year.
This is a red flag for shareholders — the scale of exchange penalties (over Rs. 24 crore), repeated filing delays, pending NCLT matter, and continued non-listing status point to weak governance and could weigh on the stock. Investors should treat this as a negative signal until the company demonstrates it has cleared the penalties, obtained listing approval, and cleaned up its compliance record.