Pursuant to Regulation 24A of SEBI LODR we are submitting Annual Secretarial Compliance Report for the Year ended 31st March, 2025 issued by DM & Associates Company Secretaries LLP, Practicing ....
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Patel Integrated Logistics has submitted its Annual Secretarial Compliance Report for FY25, certified by DM & Associates Company Secretaries LLP. The company broadly complied with SEBI LODR regulations, secretarial standards, insider trading rules, related party transaction disclosures, and other governance requirements. However, two regulatory non-compliances were flagged: (1) non-compliance with Reg 17(1A) regarding a non-executive director aged 75+ years, along with inadequate composition of board committees under Reg 18(1), 19, and 20, for which NSE and BSE each levied a fine of Rs. 4,62,000 via order dated 21st Nov 2024; and (2) a separate committee composition issue attracting a fine of Rs. 1,81,720 from each exchange. The company has deposited 50% of the fines as per an interim SAT order dated 9th Dec 2024, with the matter sub judice before SAT and the next hearing scheduled for 28th June 2025. Additionally, the company missed timely disclosure of the exchange-imposed fine under Regulation 30.
Shareholders should note ongoing regulatory issues related to board composition and committee constitution, with fines totalling around Rs. 12.87 lakh imposed by the exchanges and litigation pending at SAT. While compliance is otherwise in order, these unresolved governance lapses could remain a minor overhang until the SAT delivers its final ruling.