Enclosed here Annual Secretarial Compliance Report for year ended March 31, 2025.
MERCURYEV · price
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Mercury Ev-Tech Ltd (formerly Mercury Metals Ltd) submitted its Annual Secretarial Compliance Report for FY ended March 31, 2025, prepared by Vishwas Sharma & Associates, Company Secretaries. The report flagged a few compliance lapses: (1) delayed filing of Q4 FY24 audited financial results due to a board meeting that ended at 11:55 PM on May 30, 2024, with results uploaded just after midnight, attracting a BSE fine of Rs. 5,900; (2) late submission of Q2/H1 FY25 results where the financial statements and minutes were initially missed on November 14, 2024 but filed the next day; and (3) delays of 1-2 days in disclosing related party transactions under Reg 23(9) for periods ended March 2024 and September 2024. From the previous year's observations, the company addressed non-compliance with the SDD software under PIT Regulations and paid a Rs. 45,000 fine for prior board composition violation (Reg 17(1)) caused by an independent director's resignation in December 2023. The company has 4 subsidiaries, with Power Metz Energy Pvt Ltd identified as the material subsidiary. Statutory auditor M/s M Sahu & Co. resigned on November 14, 2024.
While the company is broadly compliant with SEBI LODR regulations, the pattern of minor filing delays and board composition lapses (total fines around Rs. 56,900) signals weak compliance discipline, which retail investors should monitor. The auditor resignation within 45 days of Q2 FY25 may warrant further clarification on the reasons.