Pursuant to Regulation 24 A of SEBI (LODR) Regulations, 2015, please find enclosed Annual Secretarial Compliance Report for the year ended 31st march, 2025.
JPPOWER · price
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Jaiprakash Power Ventures has filed its Annual Secretarial Compliance Report for FY25, confirming overall compliance with SEBI regulations, secretarial standards, insider trading rules, and related-party transaction norms. A key pending matter is a SEBI Show Cause Notice issued on 10 April 2024 to the company, four directors, MD/CEO, and CFO regarding alleged non-compliance with certain accounting standards/Ind AS norms during FY2012-13 to FY2021-22. The company appealed to the Securities Appellate Tribunal (SAT), which on 6 March 2025 directed deposit of 50% of the penalty amount, which has been paid. The next SAT hearing is scheduled for 8 July 2025. A previous non-compliance relating to the composition of the Nomination and Remuneration Committee (Regulation 19(1)) in June 2023 resulted in a combined stock exchange fine of Rs. 4,15,360 including GST, for which the waiver request is still pending.
The report is largely procedural and confirms good governance compliance, which is neutral to positive for shareholders. However, the ongoing SAT proceedings related to historical Ind AS/accounting standard non-compliances carry potential financial and reputational risk, with the next hearing on 8 July 2025 likely to be a key catalyst for sentiment.