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Awaiting price reaction for this filing.
Facor Alloys submitted its Annual Secretarial Compliance Report for FY 2024-25, prepared by M/s MT & Co. Practicing Company Secretary. The report flagged two non-compliances: (1) late disclosure of related party transactions on a consolidated basis under Regulation 23(9), for which BSE imposed a fine of Rs. 5,900 (including GST); and (2) improper constitution of the Nomination & Remuneration Committee and Stakeholders Relationship Committee under Regulations 19 and 20, for which a fine was levied and a waiver application is pending. The report also disclosed that the company's plant operations have been temporarily shut down since October 31, 2023, with the new management (in place since FY25) exploring options to resume and promoters infusing funds. Overseas subsidiaries in the Netherlands could not be consolidated because the erstwhile promoter director, who stepped down on April 4, 2024, did not provide required documents; a complaint has been filed with the Economic Offences Wing. The subsidiaries are non-operational and their investments were already fully impaired.
The Rs. 5,900 fine is trivial, but the prolonged operational shutdown, management change, non-consolidation of overseas subsidiaries, and pending regulatory waivers point to ongoing financial and governance stress — a negative signal for shareholders.