GICRE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
GICRE has filed its Annual Secretarial Compliance Report for the year ended March 31, 2026, reviewed by M/s. Ragini Chokshi & Co. The report identifies three key non-compliances: (1) Board composition under Regulation 17 — the Board fell below the minimum six directors and lacked half of directors as Independent Directors from June 4 to July 24, 2025, and again from March 24 to March 31, 2026; additionally, an independent woman director was missing from March 24, 2026 onward; (2) Audit Committee under Regulation 18(1)(b) — lacked requisite two-thirds Independent Directors during the same periods; (3) Nomination and Remuneration Committee under Regulation 19(1)(a) — also lacked requisite two-thirds Independent Directors. BSE and NSE levied fines for each quarter of non-compliance. As a Government of India company under the Ministry of Finance, the power to appoint directors rests with the GOI, and the company has been consistently following up for appointments. New Independent Directors were appointed from December 21, 2024, and the company paid previous fines of Rs. 64,900 (incl. GST) to both exchanges.
The non-compliances relate to board independence and committee composition due to government delays in director appointments. While fines have been paid and new directors appointed, the residual non-compliance for the final week of the financial year (March 24–31, 2026) remains a regulatory concern and may attract further scrutiny or penalties from exchanges.