Attached herewith Secretarial Compliance Report issued by Ms Ankita Goenka, Practicing Company Secretary, for the Financial year ended 31.03.2025
Awaiting price reaction for this filing.
Silicon Valley Infotech Ltd submitted its Annual Secretarial Compliance Report for FY 2024-25, prepared by Practicing Company Secretary Ms Ankita Goenka. The report flags several non-compliances: (i) Audit Committee did not have 3 members or 2/3 independent directors for the whole quarter (Reg 18(1), fine of Rs 1,76,000 paid, plus Rs 10,000 waiver fee); (ii) Nomination and Remuneration Committee similarly short of required members (fine Rs 5,900 paid); (iii) late filing of shareholding pattern for March 2024 quarter (fine Rs 51,920); (iv) late submission of June 2024 financial results (fine Rs 5,900); (v) late/non-filing of compliance certificates and related party transaction disclosures. Two independent directors — Rajendra Kumar Parewa and Rohit Sahu — had their DINs deactivated for not filing DIR-3 KYC, and were also not registered with the IICA Independent Directors databank. The website needs updation, and board performance evaluation was not completed. Statutory auditor was changed from M/s Deoki Bijay & Co to M/s Agarwal Sanganeria & Co on term expiry.
Multiple governance and filing lapses with stock exchange fines already paid suggest weak compliance discipline, which is a mild negative signal for retail investors on governance quality, though no material business impact is indicated.