Annual Secretarial Compliance report under regulation 24(A) for the financial year ended 31st March 2025
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Chadha Papers has submitted its Annual Secretarial Compliance Report for the financial year ended 31 March 2025, as required under SEBI LODR Regulation 24A. The report was reviewed and signed by Rana & Associates, Company Secretaries on 29 May 2025. Two non-compliance observations were noted: the unlisted subsidiary (Manorama Paper Mills Limited) did not share its financial statements with the listed entity's audit committee, and the subsidiary's board meeting minutes were not placed before the parent company's board. Management clarified that the subsidiary is not a material subsidiary, so these Regulation 24 requirements around independent director on the subsidiary board do not apply. All other compliance areas — secretarial standards, policies, website disclosures, related party transactions, insider trading, and director disqualification checks — were confirmed as compliant. No penalty action has been taken by SEBI or the stock exchanges against the company or its promoters during the year.
The non-compliance related to the unlisted subsidiary is a recurring issue noted in prior years too, though management argues it is not material. While no fines or penalties have been imposed, this is a minor governance red flag for retail investors monitoring adherence to SEBI's listing rules.