Annual Secretarial Compliance Report for the financial year ended 31st March 2026.
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Facor Alloys Ltd has filed its annual secretarial compliance report for FY 2025-26. The company has generally complied with SEBI regulations but incurred penalties for past non-compliances: Rs. 23,600 for late submission of Statement on Impact of Audit Qualification (Regulation 33), Rs. 5,900 for non-compliance with related party transaction disclosure (Regulation 23(9)), and Rs. 1,32,160 for previous period non-compliances under Regulations 19, 20 & 33. The company is unable to consolidate its overseas subsidiary (Facor Minerals Netherlands) due to a management transition — the former promoter director who held positions in the overseas subsidiary stepped down in April 2024 and has not provided required documents despite notices. The company obtained legal opinion and decided to present consolidated results excluding the overseas subsidiary, stating it is non-operational with fully impaired investments. Operations have been shut down since October 31, 2023, with minimal revenue and continuous losses for 3 years.
Shareholders should note the company is non-operational with persistent losses and has paid cumulative fines exceeding Rs. 1.6 lakh. The overseas subsidiary consolidation issue, though management claims no material impact, indicates governance challenges following the management change.