Annual Secretarial Compliance report for the year ended March 31, 2025
BFUTILITIE · price
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BF Utilities filed its Annual Secretarial Compliance Report for FY2024-25, certified by SVD & Associates. The company largely complied with SEBI LODR regulations, but faced repeated non-compliance under Regulation 33 due to delays in submitting audited consolidated FY24 results and unaudited quarterly consolidated results for Q1, Q2, and Q3 of FY2024-25. Delays were attributed to late receipt of results from subsidiaries (Nandi Infrastructure Corridor Enterprises, Nandi Economic Corridor Enterprises, and Nandi Highway Developers). As a result, BSE and NSE levied fines totalling about INR 9.32 lakh (incl. GST) each, and the company voluntarily paid about INR 21.12 lakh (incl. GST) to each exchange based on its own calculation of the delay period. The promoter's demat account was suspended for debits from July 26, 2024 to November 26, 2024, and the stock was shifted to the 'Z' category by both exchanges from October 25, 2024 to January 27, 2025. A SEBI show cause notice dated May 16, 2024 regarding related-party transactions is being addressed via a settlement application filed on May 29, 2024.
Negative for shareholders — repeated filing delays triggered exchange fines, a four-month promoter demat freeze, and a three-month Z-category classification, signalling weak compliance controls and dependency on subsidiaries for timely reporting. The stock returned to normal trading only from late January 2025, which may have hurt liquidity and investor sentiment.