Annual Secretarial Compliance Report dated May 01, 2026 issued by M/s. Spanj & Associates, Company Secretaries, Ahmedabad for the year ended March 31, 2026 is enclosed.
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Gujarat State Financial Corporation (GSFC) has filed its annual secretarial compliance report for the year ended March 31, 2026, as required under SEBI (LODR) Regulations. The report reveals recurring non-compliances across all four quarters of FY 2025-26. Key violations include failure to appoint Independent Directors and woman director, improper constitution of Audit Committee, NRC, and SRC, and non-compliance with Board quorum requirements. BSE has imposed cumulative fines of approximately Rs 39.7 lakhs across quarters (Q1: Rs 11.68 lakh, Q2: Rs 11.93 lakh, Q3: Rs 9.89 lakh, Q4: Rs 9.88 lakh). GSFC has not deposited any of these fines and has submitted repeated representations to BSE and SEBI, arguing that as a corporation governed under the State Financial Corporations Act, 1951 (a Parliament statute), it cannot fully comply with certain SEBI LODR provisions without amendment to the SFCs Act. SEBI had advised the Corporation to take up the matter with the Government in December 2021, but the amendment is still pending.
GSFC continues to face regulatory pressure from BSE for non-compliance with corporate governance norms. The corporation has not paid accumulated fines of about Rs 39.7 lakhs and the issue remains unresolved pending legislative amendment. Shareholders should note that governance compliance risks and potential recovery proceedings remain悬而未决.