Annual Secretarial Compliance Report u/r 24A of SEBI LODR, 2015 has been attached herewith.
Awaiting price reaction for this filing.
PAE Ltd has filed its Annual Secretarial Compliance Report for FY2023-24, which is delayed because the company was under Corporate Insolvency Resolution Process (CIRP) for most of the review period. NCLT admitted PAE to CIRP on 22 April 2024, and the Resolution Plan submitted by Shri Jatinbhai Ramanbhai Patel was approved by NCLT Mumbai Bench on 27 November 2024, with a Monitoring Committee now overseeing implementation. The Practicing Company Secretary flagged multiple non-compliances during the review period, including absence of a qualified Compliance Officer (fine of Rs 36,580 imposed by BSE), delays in submitting quarterly compliance reports, related-party transaction disclosures, financial results (PDF and XBRL), newspaper publication of results, trading window closure, and unpaid annual listing fees for FY2023-24. The company's existing statutory auditors also resigned during the year. The report notes that the approved Resolution Plan provides that all pre-approval non-compliances, penalties, and fines shall stand settled and extinguished, with no liability on the new Resolution Applicant.
Shareholders should note that the company emerged from insolvency in late 2024 with a new promoter/resolution applicant, and the approved plan extinguishes past compliance penalties. However, governance gaps during the CIRP period were significant, and ongoing implementation of the resolution plan under a Monitoring Committee will be key to the company's operational and stock performance going forward.