Intimation about filing of Corporate Governance Report for the Quarter ended 31st March 2025.
Awaiting price reaction for this filing.
DS Kulkarni Developers Ltd has informed the stock exchanges that it is unable to submit the quarterly Corporate Governance compliance report for the quarter ended 31st March 2025, as required under SEBI's Listing Regulations. The company, which was under the Corporate Insolvency Resolution Process (CIRP) since September 2019, had its Resolution Plan approved by NCLT in June 2023, with a consortium of Ashdan Properties, Classic Promoters & Builders, and Atul Builders taking over. Despite the resolution, the company cites ongoing financial distress and difficulty in finding suitable directors with real estate expertise to meet the required Board and Committee composition under the Companies Act and SEBI LODR. The current Board consists of a Managing Director and limited non-executive directors appointed since late 2023.
This is a negative signal for shareholders — the company's inability to comply with basic corporate governance norms could attract regulatory penalties from SEBI and reflects continued governance weakness even after the insolvency resolution. The stock may face scrutiny and reduced investor confidence due to non-compliance.