Poddar Housing and Development Limited has informed the Exchange regarding 'Secretarial Comliance Report 2024'.
Awaiting price reaction for this filing.
Poddar Housing and Development Limited filed its Secretarial Compliance Report for FY2024 with BSE and NSE, as required under SEBI Regulation 24A. The report, issued by Practising Company Secretary Shivam Agarwal, flags multiple compliance lapses during the review period, including delays in submitting audited financial results for FY March 2023 and unaudited results for Q1 (June 2023) and Q2/H1 (September 2023). These delays attracted BSE SOP fines totalling roughly ₹12.85 lakh (₹7.25 lakh + ₹5.25 lakh + ₹1.35 lakh) and substantial NSE fines, alongside several smaller ₹10,000–₹18,000 penalties for issues like late related-party disclosures, shareholding pattern, voting results, and investor complaints. BSE and NSE also froze the demat accounts of promoters due to these delays. More seriously, the company's board had only 4 directors (1 Executive Chairman, 1 Managing Director, 2 Independent Directors), which is non-compliant with SEBI LODR Regulation 17(1), and committee compositions breached Regulations 18, 19, and 20.
The filing exposes serious governance and disclosure weaknesses, including board composition violations and repeated financial-result delays that triggered exchange fines and a freeze on promoter demat accounts — a negative signal for shareholders and likely to weigh on the stock's sentiment.