Annual Secretarial Compliance Report for the Financial Year ended 31st March 2026
INDTERRAIN · price
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Indian Terrain Fashions Limited has submitted its Annual Secretarial Compliance Report for FY 2025-26, audited by M/s. BP & Associates, Practicing Company Secretaries. While the company largely complied with SEBI regulations, the report identifies two non-compliances stemming from the death of Independent Director Mr. PS Raghavan on 24th November 2025. First, the Board composition fell below the required 50% Independent Directors (Regulation 17(1)) as the vacancy was not filled within the mandated 3-month period ending 24th February 2026. Second, the Nomination and Remuneration Committee fell below the minimum 3 directors requirement (Regulation 19(1)). The company remedied both violations by appointing a new Independent Director and reconstituting the committee on 21st April 2026, and filed voluntary waiver applications with BSE and NSE on 27th April 2026.
The non-compliance with board composition norms is a regulatory concern, though the company acted to rectify it promptly after the deadline. The voluntary waiver application and subsequent compliance actions indicate the company is addressing governance issues. However, investors should monitor whether regulators impose any penalties for the temporary non-compliance period.