Enclosed is the Certificate of Non-Applicability of Secretarial Compliance Report under Regulation 24(A) of SEBI LODR Regulations, 2015 for the financial year ended 31st March 2026.
Awaiting price reaction for this filing.
Mipco Seamless Rings (Gujarat) Limited has filed a certificate confirming that it is not required to submit a Secretarial Compliance Report for the financial year ended 31 March 2026. The company is exempt under Regulation 15(2) of SEBI LODR because its paid-up equity share capital (Rs. 3.58 crore as of 31 March 2025) is below the Rs. 10 crore threshold. More notably, the company's net worth stood at negative Rs. 1.28 crore as of 31 March 2025, indicating eroded shareholder equity. As an SME-listed entity with market capitalisation below thresholds, the company is not subject to full corporate governance requirements under SEBI regulations.
This is a routine regulatory filing confirming an exemption. However, the negative net worth is a significant concern, indicating the company may be financially distressed. Investors should be cautious as the stock is listed on the SME exchange with limited governance obligations.