Please find enclosed herewith Annual Secretarial Compliance Report of the Company for the financial year ended 31st March, 2025 issued by Practicing Company Secretaries, M/s P. Sarawagi & Associates.
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IFGL Refractories submitted its Annual Secretarial Compliance Report for FY ending 31 March 2025, signed by Practicing Company Secretaries P. Sarawagi & Associates. The report finds the company generally compliant with applicable SEBI regulations, secretarial standards, related-party transaction norms, and insider trading rules. Two minor issues were flagged: web-links in annual corporate governance reports under Regulation 27(2) direct users to the website's Home Page rather than to specific documents, and warning letters were received from SEBI (6 March 2025, for inadequate disclosure) and NSE (8 April 2025, related to PAN of a newly incorporated unlisted company). A prior Rs 5 lakh SEBI penalty from October 2022 regarding the resignation of a subsidiary's statutory auditor was quashed by SAT in January 2023; SEBI's subsequent appeal remains sub-judice before the Supreme Court.
This is a routine yearly compliance filing with no material new non-compliance issues for retail investors to worry about. The two warning letters and the website link issue are minor procedural flags with no impact on financials or operations, while the Supreme Court matter is a legacy issue already in the company's records.