Annual Secretarial Compliance Report as per Regulation 24A of SEBI (LODR) Regulations, 2015
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Bharat Global Developers Ltd (BSE: 521238) filed its annual secretarial compliance report for FY25, revealing a turbulent year. Major corporate actions included a name change from Kkrrafton Developers Ltd, doubling of authorized capital from ₹100 Cr to ₹200 Cr, subdivision of face value from ₹10 to ₹1, and a private placement of 35 lakh equity shares to non-promoters. More importantly, SEBI issued an interim order against the company on 23 December 2024 and temporarily suspended it from trading on the stock exchange. A confirmatory order on 26 March 2025 revoked the trading suspension but the SEBI investigation is still ongoing and new management was brought in during the year. The Practicing Company Secretary flagged several non-compliances: no CFO or Company Secretary appointed, Board composition not meeting SEBI norms, audit reports not signed by CFO/CS, missing PAS-3 filing for bonus shares, and improper maintenance of some Board/EGM minutes.
This is a high-risk filing for shareholders. While the trading suspension has been revoked, SEBI's investigation is still active and the company lacks key managerial personnel (CFO, Company Secretary) and has governance/composition issues. Investors should treat this as a serious red flag — past trading suspension, ongoing regulatory probe, and weak compliance framework signal significant uncertainty around the stock.