Annual Secretarial Compliance Report for the year ended March 31 2026
GICHSGFIN · price
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GIC Housing Finance Ltd has submitted its Annual Secretarial Compliance Report for FY 2025-26, certified by Mehta & Mehta, Company Secretaries. The main compliance table shows NIL deviations for the review period. However, Annexure 1 reveals that NSE and BSE imposed fines totaling approximately Rs. 35.5 lakh on the company across multiple quarters (June 2025 to March 2026) for board composition violations. The violations include: (1) Board strength falling below 6 directors, (2) Audit Committee lacking minimum 3 directors with 2/3 independent directors, (3) Nomination & Remuneration Committee composition issues, and (4) insufficient independent directors on the board. These issues stem from the promoter companies (New India Assurance and General Insurance Corporation of India) not appointing the requisite number of independent directors. The company has requested waiver of fines from both stock exchanges, with the matter pending with the Ministry of Finance for GIC.
The board composition non-compliances highlight governance weaknesses, but the company has sought waivers and attributed delays to government-related processes of its promoters. While no material violation is pending, recurring fines signal ongoing governance gaps that investors should monitor.