We hereby submit Annual Secretarial Compliance Report for the Financial Year ended as on 31.03.2025. kindly take the same on your record.
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Deco Mica Limited filed its Annual Secretarial Compliance Report for FY 2024-25, which flagged several non-compliances with SEBI Listing Regulations. BSE imposed two fines totaling around Rs. 10.80 lakhs (including GST) - Rs. 7.85 lakhs in November 2024 and Rs. 2.94 lakhs in March 2025 - for violations of Regulation 17 (board composition, including failure to appoint a woman director) and Regulation 18 (audit committee constitution). Two existing Independent Directors (Nupur Modi and Gunjan Pandya) were found ineligible because they did not clear the mandatory Online Proficiency Self-Assessment Test, and their profiles were disabled in the Independent Director's Data Bank. Other issues included managerial remuneration exceeding statutory limits, missing CEO/CFO certification on financial results, discrepancies between board minutes and Corporate Governance Reports on committee chairpersons, and inadequate Related Party Transaction policy without clear thresholds. The company has since appointed additional independent directors to address composition gaps and acknowledged corrective measures are underway.
The repeated governance lapses and financial penalties signal weak compliance culture, which may concern shareholders about board oversight. With the company's net worth crossing Rs. 25 crore triggering stricter listing requirements, continued non-compliance could attract further regulatory action and weigh on investor confidence.