Dear Sir/Ma''am, Pursuant to SEBI Circular no. CIR/CFD/CMD1/27/2019 dated February 08, 2019, and Regulation 24A of SEBI (LODR) Regulations, 2015, We enclose Annual Secretarial Compliance ....
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Caspian Corporate Services Ltd (BSE: 534732, formerly Intellivate Capital Advisors) submitted its Annual Secretarial Compliance Report for FY 2024-25, filed by M/s. Shalini Pandey & Associates. The Practicing Company Secretary identified three non-compliances during the review period: (1) delayed intimation under Regulation 30 regarding corporate guarantee on behalf of subsidiary and resignation of an Independent Director within 24 hours (no fine, company took corrective action); (2) non-appointment of an independent director on the board of unlisted material subsidiary Sumathi Corporate Services Pvt Ltd under Regulation 24 (no fine, management seeking a candidate); and (3) late filing of financial results for Q2 FY24 under Regulation 33, which attracted a BSE fine of Rs. 35,400 — waiver was denied in August 2024. All other compliance areas including Secretarial Standards, policies, insider trading, related party transactions, director eligibility, and website disclosures were found to be in order.
The report reveals ongoing governance lapses — particularly the unfilled independent director position at a material subsidiary and the prior Rs. 35,400 BSE fine that was not waived. While none of these issues are severe, they signal weak compliance discipline and may concern investors focused on governance quality; however, no major penalties or new regulatory actions are highlighted.