Please find attached Annual Secretarial Compliance Report for the Year ended March 31, 2025 issued by M/s Puja Mishra & Co., Practicing Company Secretaries.
PGEL · price
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PG Electroplast submitted its Annual Secretarial Compliance Report for FY25, prepared by M/s Puja Mishra & Co., as required under SEBI LODR Regulation 24A. The report flags non-compliance with board and committee composition rules (LODR Regulations 17, 18, 19, 20, and 21) during a roughly 50-day window from August 11, 2024 to September 29, 2024, triggered by the exit of Independent Director Mr. Sharad Jain. BSE and NSE imposed fines on the company for these lapses, including a Rs. 5,90,000 penalty for board composition irregularity, which was paid on December 5, 2024. The company rectified the issue by appointing Mr. Krishnavatar Khandelwal and Mr. Ram Dayal Modi as Independent Directors on September 30, 2024 and reconstituting all affected committees. Other compliance areas — secretarial standards, related party transactions, insider trading, website disclosures, and subsidiary compliance — were found to be satisfactory.
Minor negative signal: the company faced stock exchange fines for temporary governance lapses in board and committee composition, but the issue was quickly resolved through new independent director appointments. No ongoing non-compliance remains, though the episode reflects a brief governance gap shareholders should be aware of.