Annual Secretarial Compliance Report 2024-25
BOMDYEING · price
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Bombay Dyeing has submitted its Annual Secretarial Compliance Report for FY2024-25, confirming it has generally complied with SEBI regulations except for two minor deviations. The first relates to not obtaining prior shareholder approval for continuation of a non-executive director aged over 75 under Regulation 17(1A), for which BSE and NSE each levied a fine of Rs. 96,760 (incl. GST), which the company paid under protest and filed waiver applications. The second involves non-disclosure or delayed/inadequate disclosure under SAST Regulations in its capacity as a promoter of Bombay Burmah Trading Corporation (BBTCL), resolved via a SEBI settlement order dated 10 January 2025 with the company paying Rs. 6,44,682 as its share. The report also notes an ongoing Securities Appellate Tribunal (SAT) matter where the company has challenged an earlier SEBI order alleging revenue and profit inflation from FY2011-12 to FY2017-18, with a penalty of Rs. 2 crore on the company and Rs. 25 lakh on certain directors, currently stayed by SAT and reserved for orders as of 3 April 2025. All other compliance areas including secretarial standards, related party transactions, insider trading, and website disclosures were marked compliant.
The two fines paid in FY25 are small and not material to the company, but the pending SAT matter around the Rs. 2 crore penalty and allegations of historical financial misreporting remains a key overhang for shareholders and could weigh on sentiment if the stay is not upheld.