Annual Secretarial Compliances Report for the year ended March 31, 2024
Awaiting price reaction for this filing.
The company has submitted its Annual Secretarial Compliance Report for FY 2023-24, filed under SEBI Listing Regulations. The report notes that the company has changed its name from Viaan Industries Limited to Redmax Footwears Limited, approved by the Ministry of Corporate Affairs on May 5, 2025. The company was under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code during FY 2023-24, with the Board of Directors' powers suspended and exercised by the Resolution Professional. Multiple SEBI LODR non-compliances were flagged, including delays in submitting the shareholding pattern (penalty of Rs. 7.30 lakh), financial results (Rs. 1.83 lakh), investor grievance redressal statement (Rs. 1.28 lakh), and corporate governance compliance reports (Rs. 73,000), among others. The company has filed waiver and condonation applications with BSE for these penalties.
The large number of compliance lapses and accumulated BSE penalties (totaling over Rs. 11.9 lakh) point to weak governance disclosures during the insolvency period, though waivers are pending. The name change to Redmax Footwears signals a business repositioning, but investors should monitor the CIRP resolution and pending waiver outcomes for any further regulatory or stock price impact.