Certificate under regulation 24A of the SEBI (LODR) Regulations, 2015 for the Year ended March 31, 2025.
Awaiting price reaction for this filing.
The company submitted its Annual Secretarial Compliance Report for FY2024-25, as required under SEBI Regulation 24A. The Practicing Company Secretary (Jitesh Patel & Associates) identified multiple non-compliances throughout the year, including delays in financial results submission, AGM-related delays, missing Board composition (no woman director), non-constitution of Audit, Nomination & Remuneration, and Stakeholders Relationship Committees, and failure to appoint a qualified company secretary. Several BSE fines were levied totalling approximately Rs. 5.09 lakh, including Rs. 2.36 lakh for delayed consolidated results, Rs. 1.08 lakh for not appointing a qualified company secretary, Rs. 1.06 lakh for delayed corporate governance report, and Rs. 47,200 for missing shareholder complaint submission. The management acknowledged all lapses as unintentional and assured corrective action, noting that the Audit Committee and NRC have since been constituted and a company secretary was appointed in February 2025.
The report highlights serious and repeated corporate governance lapses, with material monetary penalties, which could concern investors about the company's compliance standards and internal controls, though management has represented that most issues have been rectified.