Annual Secretarial Compliance Report 2025
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Nilachal Refractories Ltd has filed its Annual Secretarial Compliance Report for the year ended March 31, 2025, as required under SEBI's LODR Regulations. The Practicing Company Secretary confirmed that the company is generally compliant with SEBI regulations, secretarial standards, insider trading norms, related party transaction requirements, and other listing obligations, with no major deviations reported in the main compliance section. However, a fine of Rs. 2,17,120 was levied by BSE in December 2024 for alleged non-compliance with several LODR regulations during the September 2024 quarter, covering areas like board composition, committee constitution, and submission of governance reports. The company has strongly contested the fine, claiming it is already in compliance with all applicable regulations and has requested the exchange to withdraw all actions, including any threat to freeze promoter demat accounts.
The contested BSE fine of Rs. 2,17,120 remains unresolved, and if upheld, it represents a direct financial penalty for the company. The dispute over alleged governance non-compliances and the threat to freeze promoter demat accounts could create near-term overhang on the stock, though the company maintains it is fully compliant.