Annual Secretarial Compliance Report for the Financial year ending 31st March 2026
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Malt Land Distilleries Limited (formerly Abhijit Trading Co Ltd) has received an adverse secretarial compliance report for FY 2025-26 from Practicing Company Secretary Parul Agrawal. The report identifies multiple non-compliances including failure to update the company website as per Regulation 46 of SEBI LODR, lack of Structured Digital Database (SDD) maintenance under SEBI Insider Trading Regulations, and non-adoption of required SEBI policies. Most significantly, a material related party transaction was undertaken without obtaining requisite audit committee approval, violating Regulation 23. Additionally, the company undertook borrowings exceeding limits prescribed under Sections 179(3) and 180(1) of the Companies Act without shareholder approval, and failed to make required disclosures under Regulation 30 for its associate company. The statutory auditors resigned during the review period and the company does not comply with the master circular on auditor resignation requirements.
This is a significant negative development for shareholders as the company has been found non-compliant with multiple SEBI regulations and Companies Act provisions. The adverse secretarial audit report, combined with unaudited related party transactions and unauthorized borrowings, indicates weak corporate governance. This may attract regulatory scrutiny from SEBI and BSE, potentially leading to penalties or trading halts.