Annual Secretarial Compliance Report for the Financial Year ended 31st March 2025
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Indian Bank has filed its Annual Secretarial Compliance Report for FY ended 31st March 2025, as required under Regulation 24(A) of SEBI's Listing Obligations and Disclosure Requirements Regulations. The report, prepared by V Gopalan & Associates (Practising Company Secretaries), confirms overall compliance with SEBI regulations but flags several governance observations. Three board director positions remain vacant — a workmen director, a non-workmen employee director, and a chartered accountant director — all awaiting Central Government nomination. Additionally, the terms of two Central Government-nominated directors ended on 20.12.2024, and they were re-nominated only on 11.04.2025, leaving the seats vacant as on 31.03.2025. The bank's Company Secretary (Compliance Officer) is positioned four levels below the Board instead of the required one level. The Nomination and Remuneration Committee had only one independent director as on 31.03.2025, below the required minimum of three, though it was reconstituted on 19.04.2025 with four independent directors. The bank also paid a fine of Rs. 11,800 (Rs. 10,000 + GST) to NSE during FY2024-25 for a previous-year delay in record date intimation under Regulation 60(2).
These are governance and board-composition observations rather than financial or business issues — no fresh penalties were imposed and most vacancies have been filled after the balance sheet date. Investors should note the bank is awaiting Central Government action on several director appointments, which is routine for public sector banks but reflects ongoing board-level vacancies.