Annual Secretarial Compliance Report for the Financial Year ended 31st March,2026
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Jain Irrigation Systems Ltd has filed its Annual Secretarial Compliance Report for the financial year ended 31 March 2026, certified by V. Laxman & Co., Practicing Company Secretaries. The report identifies four regulatory deviations during the review period: (1) Board meeting minutes of unlisted subsidiary not placed before the listed entity's board periodically (Regulation 24(3)), (2) Audit Committee did not continuously review insider trading mechanisms at subsidiaries (Regulation 9A(4)), (3) Board composition fell below the required half-independent threshold after three independent directors retired on 16 August 2024, with the third vacancy filled only on 15 November 2024 (Regulation 17(1)), and (4) Ms. Nancy Marie Barry continued as independent director after attaining 75 years without prior shareholder approval (Regulation 17(1A)). Additionally, the Risk Management Committee meeting was held after a gap exceeding 210 days due to an adjournment (Regulation 21(3C)). Fines totaling Rs. 2,65,500 each were imposed by NSE and BSE for the board composition violations. The company has achieved compliance for all reported deviations during FY 2025-26.
The company had four regulatory compliance deviations during FY 2025-26, resulting in exchange-imposed fines of Rs. 2.65 lakh each to NSE and BSE. All deviations have since been rectified. For shareholders, this indicates governance gaps that were promptly addressed, though the fines reflect ongoing scrutiny from regulators.