Annual Secretarial Compliance Report of the Bank for the Financial Year ended 31.03.2026
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Bank of Maharashtra has filed its Annual Secretarial Compliance Report for FY ended March 31, 2026, issued by M/s Joshi & Joshi, Practicing Company Secretaries. The report identifies several deviations from SEBI LODR Regulations related to board composition and committee constitution. Key issues include: no Independent Woman Director on board, insufficient Independent Directors (less than 50% of board strength), and multiple board committees (Audit, NRC, SRC, RMC) not properly constituted at various points during the year due to two independent directors completing their tenure on December 20, 2024. The Bank explains these are due to government appointment processes for nationalized banks. Management has taken up the matter with Ministry of Finance and DFS, and has reconstituted committees after appointing a Shareholder Director w.e.f. March 2026. No fines were imposed.
No financial penalties were imposed. The deviations relate to timing delays in board reconstitution due to government appointment processes rather than willful non-compliance. Shareholders should note that the bank has addressed these issues by end of FY 2025-26.