Annual Secretarial Compliance Report for year ended March 31, 2025
Awaiting price reaction for this filing.
Ballarpur Industries Limited submitted its Annual Secretarial Compliance Report for FY 2024-25, certified by M/s Viral Sanghavi & Associates. The report flags multiple SEBI LODR non-compliances, including delayed/non-submission of standalone and consolidated financial results for quarters ending March 2024 through December 2024, non-submission of the FY 2023-24 Annual Report, missing disclosures on related party transactions for half-year ended September 2024, and failure to disclose security cover details for listed NCDs. Fines were imposed by NSE and BSE, and reminders were sent before freezing the promoter's demat account. The company, currently emerging from the IBC resolution process (NCLT-approved plan by Finquest Financial Solutions on March 31, 2023), has reconstituted its Board and is working through a backlog of filings. The new management has filed an Interlocutory Application before NCLT Mumbai seeking exemptions and extensions, and the NCLT granted interim relief on February 6, 2025, directing no coercive steps be taken for pre-resolution-plan non-compliances.
Shareholders should note that the company has a significant backlog of regulatory filings and outstanding fines from stock exchanges, reflecting governance and compliance challenges during and after the IBC process. However, with the Board reconstituted, NCLT interim relief in place, and consolidated financials for FY2021-23 adopted in April 2025, the company appears to be working through these issues. The ongoing compliance gaps and dependence on NCLT relief could keep the stock under scrutiny until filings are fully regularized.