We are enclosing the Annual Secretarial Compliance Report for the period ended 31.03.2025 issued by the Company Secretary in Practice - Mr M R L Narasimha S Aravinthan Company Secretary
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National Fittings Limited has filed its Annual Secretarial Compliance Report for FY 2024-25, issued by Practising Company Secretary Mr. M.R.L. Narasimha, confirming overall compliance with SEBI regulations (LODR, Insider Trading, Takeovers, etc.). However, four non-compliance instances were flagged: (1) late submission of the 2023-24 Annual Report under Regulation 34, attracting a BSE fine of Rs. 9,440; (2) non-submission of a Secretarial Compliance Report under Regulation 24A, with a fine of Rs. 4,720 (remitted on 5 July 2024); (3) delayed submission of General Meeting proceedings under Regulation 30(6); and (4) non-compliance with Nomination and Remuneration Committee composition under Regulation 19(1)/19(2), which drew the largest fine of Rs. 1,84,000, with the company stating this was an oversight and applying for a reduction. The company has explained each deviation and addressed most of them.
Shareholders should note repeated governance and disclosure lapses, with cumulative fines exceeding Rs. 1.98 lakh. The significant penalty for the Nomination and Remuneration Committee non-compliance is a notable governance red flag that may dent investor confidence, though the company is seeking a fine reduction and has since acted to rectify the issue.