As per Reg 15(2) of SEBI (LODR) Regulations 2015, the compliance with corporate governance provisions as specified from Regulation 17 to 27 shall not apply in respect of - a listed entity ....
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Ind Bank Housing Ltd has submitted a certificate to BSE stating that SEBI's corporate governance provisions (Regulations 17 to 27) do not apply to the company for the quarter ended 30 June 2025. Under SEBI LODR Regulation 15(2), companies with paid-up equity capital not exceeding Rs. 10 crore and net worth not exceeding Rs. 25 crore are exempt. The company's paid-up equity capital stands at Rs. 10 crore (exactly at the threshold) and its net worth is deeply negative at Rs. (120.87) crore as on 31 March 2025, making it eligible for the exemption. A chartered accountant's certificate from M/s. AR Krishnan & Associates confirming these figures has been attached.
While the exemption itself is procedural, the underlying reason — a negative net worth of nearly Rs. 121 crore against a Rs. 10 crore share capital — signals heavy accumulated losses and weak financial health, which is a notable concern for existing shareholders.