Annual Secretarial Compliance Report for the Financial Year ended 31.03.2025
ORISSAMINE · price
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OMDC has filed its Annual Secretarial Compliance Report for FY25, prepared by Practicing Company Secretary Palatasingh & Co. as required under SEBI LODR Regulation 24A. The report flags multiple non-compliances: delays of up to 92 days in adopting audited and unaudited quarterly financial results (covering quarters ending June 2024, September 2024, March 2024, and March 2023), insufficient Independent Directors on the Board, and vacancies in the Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee. NSE has imposed multiple fines including ₹1.71 lakh, ₹5.51 lakh, ₹5.42 lakh, ₹11.37 lakh, ₹22.30 lakh, and ₹23.49 lakh (plus GST) for various breaches of Regulations 17, 18, 19, 20, 27, and 33 of SEBI LODR. Management attributes most issues to delays in the Government of India appointing directors to the board and has applied to NSE for waiver of fines.
The accumulation of regulatory fines and persistent governance gaps signal weak compliance discipline, which may weigh on the stock and concern investors about ongoing regulatory risk. However, the company's explanation ties most problems to delays in government-appointed directors rather than management failures, and waiver applications are pending.