Annual Secretarial Complaince Report 2024-2025.
ASHAPURMIN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Ashapura Minechem has filed its annual Secretarial Compliance Report for the financial year ended March 31, 2025, as required under SEBI LODR Regulation 24A. The Practicing Company Secretary found the company generally compliant, except for a temporary board composition gap during July-October 2024 after Independent Director Harish Motiwalla's term ended, which led to SEBI fines of Rs. 63,720 (for the quarter ended September 30, 2024) and Rs. 74,340 (for the quarter ended December 31, 2024) from BSE and NSE. Two new Independent Directors, Pannkaj Ghadiali and Ruchi Pandya, were appointed on October 8, 2024, and the fines have been paid. More notably, the report discloses that a Special CBI Court order dated October 26, 2024 found Ashapura Minechem along with its Chairman guilty under sections 120-B, 420 and 379 of the IPC, in a case also involving Mallikarjun Shipping Pvt. Ltd.; the company has been granted bail by the Karnataka High Court pending appeal.
The minor board composition gap and associated fines are routine regulatory matters already resolved. However, the CBI court conviction involving the company and its Chairman is a serious adverse disclosure that investors should weigh carefully, as the case remains under appeal and could materially affect the company's reputation, governance perception, and stock price.