Submission of the Annual Secretarial Compliance Report for the financial year ended March 31, 2025.
MOHITIND · price
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Mohit Industries Limited submitted its Annual Secretarial Compliance Report for FY 2024-25, certified by Dhirren R Dave & Co., Company Secretaries. While the company broadly complied with SEBI LODR regulations, several non-compliances were flagged in Annexure-1, including failure to appoint a woman director (Regulation 17(1)), lack of quorum in Board Meetings (Regulation 17(2A)), and failure to constitute the Audit Committee, Nomination & Remuneration Committee, and Stakeholder Relationship Committee. NSE and BSE imposed total fines of roughly Rs. 16.08 lakh covering these lapses (Rs. 5,36,900 for the woman director issue, Rs. 11,800 for quorum, Rs. 84,960 each for the three committees, plus an additional Rs. 8,03,580 from BSE for combined non-compliances). The company has paid all fines by March 31, 2025 and filed waiver applications with the stock exchanges on April 3, 2025. The report also notes a pending requirement to submit a Board resolution for the change in category of director Naresh Sitaram Saboo from Executive Director to Non-Executive Director.
This filing highlights serious corporate governance weaknesses, with multiple board-level committee lapses and a missing woman director leading to sizable penalties from both exchanges. For shareholders, it signals weak oversight structures, though the company appears to have addressed the issues by paying fines and filing waivers, which may limit further escalation.