Non-Applicability of Corporate Governance report as per Regulation 27(2) of SEBI (Listing Obligations and Disclosures Requirements)., Regulations, 2025 pursuant to Regulation 15 of SEBI ....
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Awaiting price reaction for this filing.
Kimia Biosciences Ltd has informed BSE that filing of the quarterly Corporate Governance Report is not applicable to the company for the quarter ended 31st March 2025. Under SEBI Regulation 15(2), companies with paid-up equity capital not exceeding Rs. 10 crore and net worth not exceeding Rs. 25 crore are exempt. The company reports paid-up equity capital of Rs. 4.73 crore and net worth of just Rs. 33.10 lakh as on 31st March 2024, placing it well below both thresholds. A Practicing Company Secretary (Akshay Grover) has certified this non-applicability along with a 3-year history. The company has stated it will comply with the regulations within six months if it crosses the thresholds in the future.
This is largely a routine compliance filing and is unlikely to move the stock price. However, the data reveals a sharp erosion in net worth from Rs. 14.88 crore in FY22 to just Rs. 33.10 lakh in FY24, with other equity turning negative at Rs. -4.40 crore, which is a red flag worth noting for existing shareholders.