Please find attached Annual Secretarial Compliance Report for the Financial Year 2024-25
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Nicco Parks & Resorts has submitted its Annual Secretarial Compliance Report for FY ended March 31, 2025, certified by Practicing Company Secretary P.V. Subramanian. The report flags one non-compliance: the company did not meet the board composition requirement under Clause 17(1)(b) of SEBI LODR Regulations, falling short by one Independent Director from August 11, 2024 to March 31, 2025. This happened because an Independent Director completed two consecutive 5-year terms and ceased to be an ID, and the company is still in the process of identifying and selecting a replacement with the right skills. No penalty or fine was imposed by SEBI or the stock exchange for this lapse. All other compliance areas — secretarial standards, policies, website disclosures, related party transactions, insider trading, and performance evaluations — were found to be in order.
This is a routine regulatory filing but highlights a corporate governance gap — the board has been operating without the required number of Independent Directors for over 7 months, which is a red flag for governance-sensitive investors. No monetary penalty has been levied so far, but until the company appoints a new Independent Director, shareholders should expect continued governance scrutiny.