Annual Secretarial Compliance Report for the year ended 31st March 2025
KERNEX · price
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Kernex Microsystems filed its Annual Secretarial Compliance Report for FY25, prepared by Practicing Company Secretary D.S. Rao. The report flags two instances of delayed submission of financial results to stock exchanges: consolidated results for Q3 FY24 (Dec 2023) were submitted on 30 May 2024, and Q4/FY24 results were submitted on 13 July 2024. BSE and NSE each imposed a fine of Rs. 6.25 lakh and Rs. 2.60 lakh respectively for these delays, along with freezing of promoter shareholdings until payment; all fines have since been paid. Statutory auditor PRSV & Co. LLP resigned on 4 September 2024, with the company complying with the required disclosure process. One non-executive director, Mr. Janardhan Reddy Vinta, executed a contra trade within six months, leading to a Rs. 15,000 penalty deposited with SEBI-IPE1. The company has also not achieved 100% promoter shareholding in dematerialised form.
While the company is now compliant and penalties have been settled, the report highlights past governance weaknesses — delayed financial reporting, an auditor resignation, and a director-level insider trading violation — which investors should view as caution flags on the company's disclosure discipline and internal controls.