Annual Secretarial Compliance Report for the Financial Year ended March 31, 2025 issued by M/s ALAP & Co. LLP, Practicing Company Secretaries is attached herewith
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Jhaveri Credits & Capital Ltd submitted its Annual Secretarial Compliance Report for FY2024-25, certified by M/s ALAP & Co. LLP, Practicing Company Secretaries. The report flagged one key non-compliance: the company had filed incorrect shareholding pattern disclosures from September 2011 to June 2023 and had not met the required Minimum Public Shareholding (MPS) norms, leading SEBI's Adjudicating Officer to impose a penalty of ₹2,00,000. The company has already paid this penalty on January 23, 2025 and committed to greater caution going forward. Minor observations included a delayed entry of one UPSI record in the digital database and advice on correctly selecting the PAN unfreezing date on the NSDL portal. The report also confirmed compliance with most other SEBI requirements including secretarial standards, board policies, related party transactions, and event disclosures.
For shareholders, this is largely a housekeeping filing with no fresh material concern — the ₹2 lakh SEBI penalty for past shareholding disclosure errors is already paid and is immaterial to the company's finances. The repeated governance lapses over multiple years suggest weak compliance systems, but the company appears to be cleaning up legacy issues.