Compliance Regulation 24(A) Annual Secretarial Complaince
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Kanel Industries has filed its Annual Secretarial Compliance Report for FY 2024-2025 as required under SEBI Regulation 24A, reviewed by Malay Desai & Associates (Practicing Company Secretary). The biggest disclosure is that the resolution plan submitted by M/s Ardent Ventures LLP was approved by the NCLT Ahmedabad Bench on October 23, 2024, bringing the company's Corporate Insolvency Resolution Process (CIRP) to a close. Some non-compliances were noted: the Board composition was not as per SEBI LODR norms until October 23, 2024 (because board powers were suspended under CIRP), and a qualified company secretary was appointed as compliance officer only on January 23, 2025. Board meetings and performance evaluations were skipped during the CIRP period when Mr. Prashant Bharatkumar Patel was acting as Resolution Professional. Other areas such as secretarial standards, policies, website disclosures, related party transactions, insider trading, and event disclosures were generally complied with. No penalties or enforcement actions were taken by SEBI or stock exchanges against the company.
This filing confirms that the company has formally emerged from insolvency, with Ardent Ventures LLP's resolution plan now approved — a positive signal for shareholders awaiting clarity on the company's revival. The compliance gaps are largely explained by the CIRP period and appear to have been rectified after the resolution plan was sanctioned. Investors should watch for further disclosures on changes in management and business direction under the new resolution applicant.