Annual Secretarial Compliance Report March 31 2024
Awaiting price reaction for this filing.
Binny Limited filed its Annual Secretarial Compliance Report for FY2024, prepared by Practicing Company Secretary Rajib Lochan Sarangi, covering review of SEBI regulations, SCRA, and Listing Obligations compliance. The report flagged several non-compliances: the company website is not properly updated, shareholding patterns for quarters ended December 2023 and March 2024 were filed after the due date, and unaudited financial results for June and September 2023 quarters were submitted late. The company also did not submit financial results in XBRL format and failed to hold its Annual General Meeting on or before September 30, 2024. Most notably, SEBI imposed a penalty and a 2-year ban (from July 31, 2024) on the company, its promoters, directors, and CFO, barring them from the securities market in any capacity. Additionally, prior-year fines totaling over Rs. 8.4 lakh (including interest and GST) were paid for late submission of audited results, quarterly results, and the previous secretarial compliance report.
This filing signals serious governance and compliance issues at Binny Ltd — a SEBI-imposed 2-year market ban on promoters, directors, and the CFO is a major red flag for investors. Repeated delays in financial filings and the missed AGM deadline point to weak compliance systems, which could erode investor confidence and weigh negatively on the stock.