Reg 24A - Annual Secretarial Compliance Report for FY ended 31 March 2025
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Patspin India has submitted its Annual Secretarial Compliance Report for FY2024-25, prepared by Practicing Company Secretary M.R.L. Narasimha. The report flagged three non-compliances: (1) delayed intimation to BSE (beyond the 12-hour limit) about Independent Director N. Bafna's cessation on 18-09-2024; (2) an excess unsecured loan of Rs. 398 lakhs taken from related party GTN Textiles beyond the Rs. 1,060 lakhs limit approved by shareholders, for which prior Audit Committee approval was not obtained; and (3) errors in the Stakeholders Relationship Committee reconstitution (chairperson post left vacant in filings) and in the Q4 FY25 corporate governance report, which wrongly listed Executive Director Umang Patadia as Chairman. BSE levied a fine of Rs. 28,320 (incl. GST) for the related-party transaction lapse, and the company has applied for a waiver. The PCS observed that the company should have obtained prior audit committee and shareholder approval for the excess Rs. 398 lakhs RPT within 3 months. Compliance with Secretarial Standards, Insider Trading norms, and website/policy disclosures was confirmed as satisfactory.
These are governance and disclosure lapses, not financial ones — the BSE fine of ~Rs 28,320 is small relative to the company and a waiver has been sought. However, repeated delays in filings and weak RPT controls are red flags retail investors should watch, as they may invite further regulatory scrutiny.