Annual Secretarial Compliance Report for the period ended March 31, 2025
KITEX · price
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Kitex Garments has submitted its Annual Secretarial Compliance Report for FY25 to BSE and NSE, as required under SEBI LODR Regulation 24A. The report, issued by SVJS & Associates, confirms overall compliance with most SEBI regulations but flags three key deviations: (1) appointment of an 81-year-old director (Mr. Amparyil Kurien Mathew) on 14 August 2024 without first passing the required special resolution, which was only approved on 28 September 2024 — both BSE and NSE levied a fine of Rs. 1,06,200 each (incl. GST), which the company paid under protest and appealed at SAT; (2) insider trading non-disclosure by a designated person (Mr. Saji Kurian) who traded in company shares above the Rs. 10 lakh threshold in both June 2024 and December 2024 quarters without intimating the exchanges; and (3) certain acquisition-related disclosures were not made under the Takeover Regulations. Past compliance gaps (non-qualified compliance officer appointment, corporate governance report signed by CFO instead of CEO) have since been remedied.
Minor negative for shareholders — two stock exchange fines totaling around Rs. 2.12 lakh for the director appointment lapse, and ongoing corrective actions for insider trading disclosures, but the issues appear procedural rather than financial in nature and are unlikely to materially affect the stock.