Herewith we are filling the Secretarial Compliance Report for the Financial Year ended 31-03-2025
Awaiting price reaction for this filing.
Gangotri Textiles has filed its Secretarial Compliance Report for FY ending March 2025, which reveals the company is no longer a going concern — all its assets have been taken over by lenders. The company has entered Corporate Insolvency Resolution Process (CIRP) with NCLT Chennai, petition filed on 20-11-2024. It has failed to pay annual listing fees to both BSE and NSE for FY 2024-25, with BSE warning of compulsory delisting and NSE warning of trading suspension. The Board has only 4 directors (against SEBI norms), and the company has no CEO and no qualified Company Secretary. Multiple penalties have been levied by BSE and NSE totalling several lakhs for various non-compliances. Statutory auditor K.N. Swamy & Co resigned in June 2024 (personal reasons), replaced by Mohanraj & Sankar. The company also faces large pending penalties — Rs. 7.30 crore income tax penalty (appealing in Supreme Court), Rs. 1.54 crore customs penalty, and Rs. 55.90 crore EPCG export obligation penalty.
This is an extremely negative filing — the company is effectively insolvent and undergoing resolution proceedings, risking delisting from BSE and trading suspension on NSE. Shareholders face significant risk of total loss given the company's distressed state, lack of key management personnel, and the possibility of equity value being wiped out during insolvency resolution.