Please find the attached Annual Secretarial Compliance Report for the FY 2024-25 issued by M/s Ruchi Kotak & Associates, Practicing Company Secretaries.
ELCIDIN · price
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EL CID Investments has submitted its Annual Secretarial Compliance Report for FY 2024-25, as required under SEBI LODR Regulation 24A. The report flags two minor non-compliances: (1) for Q1 FY25 (quarter ended June 30, 2024), consolidated results were filed without a Limited Review Report, which was later rectified on August 29, 2024; and (2) the XBRL report on related party transactions for the half-year ended September 30, 2024 was submitted one day late, attracting a BSE fine of Rs. 5,900 which the company paid on December 17, 2024. The report also notes two prior SEBI settlement orders: one dated June 24, 2024 for alleged violations of shareholding pattern (Reg 31) and insider trading rules (Reg 3(5) and 3(6)), involving a settlement payment of Rs. 17.31 lakh by the company; and another dated May 21, 2024 relating to delisting and disclosure violations involving directors Varun Vakil and Amrita Vakil, with Rs. 8.12 lakh paid each. All other compliance areas including secretarial standards, policies, insider trading, and related party approvals were marked compliant. The company has 4 directors and falls within the top 2000 listed companies as on December 31, 2024.
The two non-compliances are minor and have already been corrected or penalized with small fines. However, shareholders should note the two SEBI settlement orders from FY24, which together account for over Rs. 41 lakh in settlements (around Rs. 33.5 lakh paid by the company and directors combined) and point to past governance lapses in shareholding disclosures, insider trading, and delisting-related compliance that may raise governance concerns.