In terms of Reg 24A of the SEBI (LODR) Reg, 2015, we are enclosing herewith Annual Secretarial Compliance Report duly signed by M/s Mehta & Mehta, Company Secretaries, for the year ended 31 Mar 2026.
GRSE · price
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Garden Reach Shipbuilders & Engineers Ltd (GRSE), a CPSE under Ministry of Defence, has filed its Annual Secretarial Compliance Report for FY 2025-26 revealing multiple regulatory non-compliances. The Company failed to meet Board composition requirements under SEBI LODR Regulations, including insufficient Non-Executive Directors, inadequate Independent Directors, and absence of a Woman Director from July 2025 to March 2026. Key Board committees including Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee could not be properly constituted due to Government delays in appointing Independent Directors. Stock exchanges (NSE and BSE) have levied monetary fines ranging from Rs. 1.32 lakh to Rs. 5.43 lakh per quarter for these violations. The Company states it has been actively pursuing the Government for required appointments, but since Director appointments are made through Presidential Orders, compliance is beyond its direct control.
Persistent governance non-compliance puts GRSE at risk of continued regulatory penalties and reputational concerns. While the Company is a CPSE with limited autonomy over Board appointments, investors should monitor Government action on Independent Director appointments as these affect corporate governance standards and Committee functionality.