Annual Secretarial Compliance Report to be filed for the financial year ended March 31, 2026 as per Regulation 24A of SEBI LODR, 2025.
MANGALAM · price
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Mangalam Drugs & Organics has filed its Annual Secretarial Compliance Report for FY 2025-26 revealing several regulatory non-compliances. The company faced temporary board composition issues from January 16 to February 6, 2026, when it lacked the required half of Independent Directors on the board, and its Audit Committee and NRC Committee fell short of mandated compositions due to an Independent Director's resignation. These were resolved by appointing a new Independent Director on February 6, 2026. Additionally, the company delayed submission of quarterly financial results for Q2 FY26 and failed to disclose Board meeting outcomes within the required 30-minute timeframe. Most critically, the company has defaulted on loan repayments to Bank of Maharashtra (₹1979.21 lakh) and Bank of Baroda (₹606.08 lakh) since October 2025, totaling approximately ₹25.85 crore. The company also faces ongoing disputes with suppliers and lenders regarding outstanding dues and cheque dishonours.
This filing signals significant financial stress and governance concerns. The loan defaults and ongoing disputes could severely impact the company's credit rating and future borrowing ability. Investors should closely monitor any further developments regarding the default resolution and regulatory actions from SEBI or stock exchanges.