Annual Secretarial Compliance Report for the Financial Year ended 31.03.2025
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BEML Land Assets Ltd, a Government of India company under the Ministry of Defence, filed its Annual Secretarial Compliance Report for FY 2024-25 under SEBI LODR Regulation 24A. The report, certified by Manish Mishra & Associates (Practicing Company Secretaries), shows the company is broadly compliant with secretarial standards, insider trading norms, and disclosure requirements. However, the company has not constituted key board committees — Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee — because it lacks the required number of Independent Directors and a Woman Director, as director appointments are controlled by the Ministry of Defence. BSE and NSE have imposed a penalty of Rs 95,69,800 for this non-compliance, and the company is pursuing a waiver while following up with the Ministry to fill vacancies. Previous non-compliances related to delayed Q2 FY24 results and late appointment of Company Secretary have since been resolved.
Shareholders should note the ongoing governance non-compliance and the Rs 95.7 lakh penalty levied by stock exchanges due to the absence of Independent Directors and a Woman Director on the board. The issue is outside the company's direct control as it depends on the Ministry of Defence for appointments, and resolution of the same would be required for full regulatory compliance.