Pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the Annual Secretarial Compliance Report for the year ended March ....
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Kay Power and Paper Ltd submitted its Annual Secretarial Compliance Report for FY2024-25 to BSE, prepared by a Practicing Company Secretary. The company is broadly compliant with SEBI regulations, but two issues were flagged: (1) it did not publish notices of Board Meetings and quarterly results in English daily newspapers as required under Regulation 47 of LODR — the same issue from the previous year — citing carry-forward losses and inadequate profit that made the cost unaffordable, although results were posted on its website and the BSE website; (2) its earlier Statutory Auditor, M/s. Godbole & Company, was not peer-reviewed by ICAI. The company addressed this by appointing a Peer Review Auditor on 12.08.2024, and the previous auditor also resigned during the year. No fines or penalties were imposed by SEBI or stock exchanges, and no director is disqualified.
The repeated non-compliance on newspaper publication, combined with the company's own admission of carry-forward losses and weak profits, signals ongoing financial stress at this small-cap paper maker. While no monetary penalty was levied this time, shareholders should watch for further regulatory action, the recent auditor change, and the new wholly-owned subsidiary incorporated in June 2024.