Please find attached herewith Annual Secretarial Compliance Report of the Company for the financial year ended 31st March, 2025, issued by M/s Loveneet Handa and Associates, Practicing ....
ARSHIYA · price
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Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024, has filed its Annual Secretarial Compliance Report for FY ending March 31, 2025 with a massive delay (submitted in March 2026 against the 60-day deadline). The CIRP was admitted by NCLT Mumbai after Punjab National Bank, the financial creditor, filed for an alleged default of Rs. 193.24 crore, with Arshiya acting as corporate guarantor for its subsidiary Arshiya Northern FTWZ Limited. Mr. Pankaj Mahajan is the appointed Resolution Professional. The report flags multiple serious compliance failures including non-adherence to Secretarial Standards, no performance evaluation of the Board, no prior Audit Committee approval for related party transactions, non-maintenance of the Structured Digital Database for insider trading, failure to file the annual corporate governance report for FY 2023-24, and unupdated policies. The company received notices and monetary fines from stock exchanges for these lapses and is in the process of seeking waivers. Several directors resigned during the year, and shareholder approval for the re-appointment of Managing Director Mr. Ajay Shankar Mittal was not obtained within the mandated three-month window.
This is a strongly negative signal for shareholders — the company remains in insolvency, governance and listing-compliance standards have materially deteriorated, and monetary penalties from exchanges have been imposed. Equity holders face substantial uncertainty about recovery, and the stock is likely to remain under pressure until a resolution plan is approved and implemented by the Committee of Creditors.