Annual Secretarial Compliance Report for the year ended March 31, 2025.
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Bafna Pharmaceuticals submitted its Annual Secretarial Compliance Report for FY25, prepared by M/s A.K. Jain & Associates, covering SEBI LODR compliance. The company failed to maintain the mandatory 25% Minimum Public Shareholding (MPS) for four consecutive quarters in FY25 (June 2024 to March 2025), attracting fines from both BSE and NSE totaling about Rs.66.98 lakh (Rs.33.49 lakh each exchange). To remedy this, promoter SRJR Life Sciences LLP conducted an Offer for Sale of 31.45 lakh shares (13.30% of paid-up capital) on March 27-28, 2025, and the company achieved the 25% MPS threshold from April 2, 2025. The company also belatedly disclosed a temporary disruption at its Grantlyon (Chennai) factory caused by a temperature control equipment breakdown, filed 3 days late under Regulation 30. The company is pursuing waivers of the fines from the stock exchanges. Other areas — secretarial standards, policies, website disclosures, board evaluation, related party transactions, and insider trading — were reported as compliant.
Multiple regulatory fines and repeated MPS non-compliance are negative governance signals, though the promoter OFS has now resolved the shareholding issue. Investors should note the ongoing waiver requests with the exchanges and watch for any further compliance lapses, as recurring fines suggest weak regulatory discipline.