ANNUAL SECRETARIAL COMPLIANCE REPORT FOR THE YEAR ENDED 31-03-2025
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Midland Polymers Limited has submitted its Annual Secretarial Compliance Report for FY 2024-25, as required under SEBI LODR Regulation 24A. The company, which was under Corporate Insolvency Resolution Process (CIRP) per an NCLT order dated 18 August 2023, had its trading suspension revoked by BSE effective 18 November 2024, allowing its shares to trade again after nearly a decade (suspended since February 2015). The report notes several legacy non-compliances from FY 2022-23, including delayed submission of financial results, annual report, secretarial compliance report, share capital audit, RTA certificate, corporate governance report, and PCS certificate, most of which are attributed to the CIRP period. The new management has appointed a Company Secretary (effective 15 September 2023) and is working to clear the backlog. No director disqualifications, no stock exchange actions, and no subsidiaries were reported.
This is a routine compliance filing, but it confirms the company has emerged from CIRP and resumed trading on BSE, which is a positive structural milestone. However, several pending filings from the CIRP period remain unresolved, meaning the stock may still carry compliance overhang and risk of further regulatory scrutiny until the backlog is fully cleared.