Non Applicability of Reg. 24 (A) Annual Secretarial Compliance.
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Awaiting price reaction for this filing.
Olympia Industries has informed the BSE that the Annual Secretarial Compliance Report under Regulation 24A of SEBI LODR is not applicable to the company for FY 2024-25. This is because as on March 31, 2024, the company's paid-up equity share capital was Rs. 6.02 crore and net worth was Rs. 24.83 crore — both below the exemption thresholds of Rs. 10 crore and Rs. 25 crore respectively under Regulation 15(2) of SEBI LODR. However, based on audited financials for FY 2024-25, the net worth has risen to Rs. 26.13 crore, crossing the Rs. 25 crore threshold. Consequently, full corporate governance provisions will become applicable to the company from FY 2025-26, and the company must comply within six months from May 28, 2025. The company will start filing the Annual Secretarial Compliance Report from FY 2025-26 onwards.
This is a procedural/compliance filing and is unlikely to move the stock price. However, it signals that the company's net worth has grown past Rs. 25 crore, meaning stricter corporate governance norms (independent directors, audit committee, secretarial audit, etc.) will apply going forward, which increases compliance costs and scrutiny.