Annual Secretarial Compliance Report for the year ended 31/03/2025.
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The company filed its Annual Secretarial Compliance Report for FY2024-25, which reveals a major change of control: an open offer by Kunal Kothari, Prachi, and Tejas Rathod acquired 67.61% of the company, completed in September 2024. The new management reshuffled the board extensively, appointing new executive directors in September 2024 and three independent directors (including a woman director) in January 2025, while the old CFO and several directors resigned. The company has set up a wholly owned subsidiary called Mobavenue Global Holdings Limited in London (March 2025) and approved a draft scheme of merger/amalgamation with Mobavenue Media Private Limited (February 2025). Several SEBI LODR compliance lapses were flagged, including fines of Rs. 11,800 (late postal ballot voting results), Rs. 35,400 (no woman director for Dec 2024 quarter), and an older cumulative Rs. 12,43,720 in outstanding LODR fines — all of which the company states it has paid. Website updates were delayed, and insider trading SDD compliance was lagging until December 2024, after which it was fixed.
This filing essentially documents a corporate turnaround story: a change of control has triggered a wholesale board refresh, entry into new businesses (digital/advertising via Mobavenue), international expansion (London subsidiary), and a proposed merger. While past governance and disclosure lapses are concerning, fines have been settled and compliance gaps appear to be closing under new management, which is mildly positive for shareholders but warrants close monitoring of the pending merger scheme.