Submission of Annual Secretarial Compliance Report for the F.Y. ended 31st March, 2025
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Foods & Inns Ltd has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, as required under SEBI Regulation 24A, prepared by M/s Ragini Chokshi & Co, Practicing Company Secretaries. The report flags three compliance lapses during the year: (1) the company did not fully comply with the minimum code of conduct for securities trading under SEBI PIT Regulations, leading to a SEBI Adjudicating Officer order dated 6 Jan 2025 imposing a penalty of Rs 2,00,000 each on the Managing Director and CEO, which was paid on 13 Mar 2025; (2) a one-day delay in submitting related party transaction disclosures under SEBI LODR Regulation 23(9), for which BSE levied a Rs 5,000 penalty that has been paid; and (3) delays in conversion of convertible securities under SEBI ICDR Regulation 162, attracting Rs 20,000 per day penalties from both BSE and NSE (totalling about Rs 40,000), which have also been paid. Apart from these three issues, the company is reported to be compliant on all other parameters including secretarial standards, policies, website disclosures, director disqualifications, subsidiary disclosures, document preservation, performance evaluation, and insider trading regulations.
The filing highlights minor but multiple governance and disclosure lapses on insider trading code, related party transaction reporting, and convertible securities conversion, resulting in total penalties of roughly Rs 4.45 lakh — all already paid. While none are material in size, the repeat pattern of last-minute compliance delays could weigh on governance perception among institutional investors and may invite closer scrutiny from exchanges going forward.