Please find enclosed.
Awaiting price reaction for this filing.
Ushdev International has filed its Annual Secretarial Compliance Report for the financial year ended 31 March 2025, as required under SEBI LODR Regulation 24A. The company remains under the Corporate Insolvency Resolution Process (CIRP); its resolution plan was approved by NCLT Mumbai on 3 February 2022 and an Interim Monitoring Agency (IMA) was formed on 15 March 2022, but RBI approval is still pending. Secured lenders led by SBI have forfeited Bid Bond and Performance Security deposits worth Rs. 1,813.46 Lakhs from the Resolution Applicant, who has appealed to NCLAT. The report flags ongoing non-compliances: no Board of Directors in place (so no performance evaluation), no audit committee approval for related party transactions, policies under SEBI Regulations not timely updated, and the Structured Digital Database under Insider Trading Regulations not fully operational as on 31 March 2025. Earlier penalties of INR 2,000, INR 65,000 and INR 1,50,000 for delayed filings and BSE trading suspension from November 2023 are noted from prior periods.
This filing paints a picture of a deeply distressed company still stuck in insolvency resolution with no functioning Board, multiple SEBI compliance gaps and pending key approvals. Shareholders face material risk of liquidation if the resolution plan cannot be implemented, and the stock remains thinly traded after the earlier BSE suspension and promoter share freeze.