Please find enclosed Annual Secretarial Compliance Report, issued by Practicing Company Secretary, for the financial year ended March 31, 2025.
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Pearl Global Industries has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, as required under SEBI Regulation 24A. The report, issued by Practicing Company Secretary CS Jayant Sood, confirms the company complied with SEBI regulations, secretarial standards, insider trading rules, and disclosure requirements. However, the report flags a non-compliance: the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee did not have the minimum required number of members. This was because two independent directors, Dr. Anil Nayar and Mr. Rajendra Kumar Aneja, completed their tenure on March 31, 2024. As a result, BSE and NSE each imposed a fine of Rs. 42,000 (plus applicable taxes) via letters dated August 21, 2024. All other compliance areas reviewed were marked satisfactory with no observations.
Minor compliance lapse already penalized and disclosed; the Rs. 42,000 fines from each exchange are nominal and unlikely to affect the stock. The underlying issue (expiry of independent directors' tenure) appears to have been addressed subsequently, so no material risk to shareholders.