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Gala Global Products Ltd filed its Annual Secretarial Compliance Report for FY 2024-25 on May 30, 2025, as required under SEBI Regulation 24A. The Practicing Company Secretary flagged 11 instances of non-compliance during the year, mostly delays in submitting shareholding patterns, corporate governance reports, share capital audit reports, RTA certificates, grievance redressal statements, and the Annual Report/AGM notice. Total penalties of around Rs. 4,77,000 plus GST were imposed, of which Rs. 1,73,120 (shareholding pattern fine for June 2024 quarter and a few others) appears to have been paid, while a Rs. 3,80,000 fine is partly settled with a waiver application pending. A separate one-day newspaper ad delay was due to a national holiday, and the omission of a prior intimation for an October 2024 board meeting on a Right Issue was flagged as unintentional. Most other delays were traced back to a payment dispute with the company's Registrar and Transfer Agent (RTA), which prevented timely receipt of reports. From the previous year's report, a delay in payment of annual listing fees for FY 2023-24 was also noted, later settled with interest.
Repeated compliance lapses — many stemming from a single unresolved dispute with the RTA — increase regulatory and governance risk and have already cost the company nearly Rs. 5 lakh in penalties. Shareholders should view this as a negative governance signal, though management has committed to corrective action; resolution of the RTA dispute is critical to avoid further fines and potential exchange scrutiny.