Non applicability of Regulation 24 A of SEBI (LODR) Regulations 2015
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Integrated Thermoplastics Ltd has informed BSE that Regulation 24A (secretarial audit) is not applicable to the company because it falls below the size thresholds specified in SEBI LODR Regulations. The company states its paid-up equity share capital and net worth for the last three consecutive financial years do not exceed Rs 10 crore and Rs 25 crore respectively. As a result, multiple corporate governance provisions are also not applicable. Financial data shows the company has a paid-up share capital of Rs 6.29 crore consistently across FY2023, FY2024, and FY2025. However, the net worth is deeply negative at Rs (58.66) crore as of March 2025, worsening from Rs (52.60) crore in March 2024 and Rs (42.56) crore in March 2023. The negative net worth indicates that liabilities exceed assets.
While the company avoids certain compliance costs due to its small size, the deeply negative and worsening net worth over three consecutive years signals serious financial stress and potential solvency concerns for shareholders. The stock may face continued pressure due to deteriorating financials.