Annual Secretarial Compliance Report for FY 2024-25 of MMTC Limited.
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MMTC Ltd submitted its Annual Secretarial Compliance Report for FY ended March 31, 2025, certified by BLAK & Co. The report confirms the company has broadly complied with SEBI LODR regulations, but flagged several deviations during the year. These include: Risk Management Committee meetings not held within the required 180-day gap (held Feb 8, 2024 and Dec 20, 2024); standalone and consolidated financial results for Q3 FY25 (quarter ended Dec 31, 2024) submitted late (around Feb 13–17, 2025 instead of within 45 days); half of the Board did not comprise Independent Directors in some quarters due to pending Government of India appointments; and the Stakeholder Relationship Committee did not meet in FY 2023-24. BSE and NSE levied a fine of Rs. 5,42,800 each on the company, with management's waiver request awaited. Earlier FY24 issues around board composition and committee requirements were resolved after Government-appointed Independent Directors joined in June–August 2023.
This is a routine regulatory compliance filing, but it highlights recurring governance gaps — especially delays in financial result submissions and lapses in Board composition and committee meetings — which have already attracted stock exchange fines. Shareholders should note ongoing governance weaknesses, though most issues stem from delays in Government of India director appointments, which are outside the company's direct control.