Compliance-Reg.24(A)- Annual Secretarial Compliance
ITI · price
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ITI Limited, a Government of India undertaking, filed its Annual Secretarial Compliance Report for FY 2024-25, which flagged 8 non-compliances with SEBI LODR regulations. The biggest issue is the lack of adequate Independent Directors on the Board, as their appointment is controlled by the central government and remains pending. Other non-compliances relate to the absence of a qualified Company Secretary for part of the year, missing quorum at Board Meetings, and non-constitution of the Audit, Nomination & Remuneration, Stakeholder Relationship, and Risk Management Committees. BSE and NSE imposed fines totaling roughly Rs. 73-74 lakh across these violations, with the largest penalties (~Rs. 43 lakh) linked to the Board composition issue. The Company has requested waiver of these fines, arguing the gaps are not within its control. It also continues to have public shareholding below the mandatory 25%, though the Ministry of Finance has extended PSU exemption until 1 August 2026.
Shareholders should note persistent governance lapses at this PSU, though fines are relatively small and the Company is seeking waivers. The real risk is prolonged dependence on the Government of India to fill Board vacancies, which keeps the stock in a state of regulatory non-compliance until those appointments happen.