Annual Secretarial Compliance Report for the financial year 2025-26 under Regulation 24(A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Panorama Studios International Ltd submitted its Annual Secretarial Compliance Report for FY 2025-26, audited by Practicing Company Secretary Nitesh Chaudhary & Associates. Two regulatory non-compliances were identified: a 1-day delay each in submitting (a) Un-Audited Financial Results for Q2 September 2025 under Regulation 33, and (b) Related Party Transaction Disclosure for the half-year ended September 2025 under Regulation 23(9). BSE levied SOP fines of Rs. 5,900 each (including GST), both paid on 17/11/2025 and closed by BSE on 16/12/2025. The company also carried out two significant corporate actions: conversion of 7 lakh equity convertible warrants into 35 lakh equity shares (13 Aug 2025), and a bonus issue of 18,60,96,875 equity shares in a 5:2 ratio (approved 24 Nov 2025). Additionally, a cybersecurity incident at the company's third-party service provider (CVE-2026-41940) caused temporary unavailability of the company's website and email, disclosed on 07 May 2026. The company maintains compliance across most other SEBI regulations including insider trading norms (Regulation 3(5) SDD), secretarial standards, and board evaluation.
The non-compliances are minor (1-day delays) with modest cumulative fines of Rs. 11,800, and both were settled and closed. However, a recurring pattern of delayed filings across two consecutive financial years (FY24-25 and FY25-26) and an outstanding residual penalty of Rs. 11,800 from a prior-year Nomination & Remuneration Committee violation (waiver rejected by BSE) signal weak compliance discipline. The cybersecurity incident raises operational risk concerns, though the company has disclosed it and is addressing it. Shareholders should monitor the company's compliance improvement trajectory.