Annual Secretarial Compliance Report for FY 2024-25
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Premier Energy and Infrastructure filed its Annual Secretarial Compliance Report for FY 2024-25, certified by M/s Srinidhi Sridharan & Associates. The report flagged several compliance lapses during the year: the Board, Audit Committee, and Nomination & Remuneration Committee were not properly constituted between September 30 and October 16, 2024, due to a shortage of independent directors, attracting fines of Rs 37,760 and Rs 2,17,120 (inclusive of GST) from BSE. The company also delayed disclosing the resignation of its statutory auditor M/s Jambunathan & Co (resigned August 22, 2024), notifying the exchange only on September 2, 2024, beyond the 24-hour SEBI deadline. Additionally, limited review reports for the quarters ended September 30 and December 31, 2024 were issued by the newly appointed auditor instead of the resigned one, violating SEBI circulars. The company rectified these gaps by appointing a new independent director on October 17, 2024 and implementing a Structured Digital Database from August 20, 2024. The trading suspension order against the company, stemming from earlier non-payment of SOP fines, was revoked effective November 26, 2024.
The lapses reveal weak governance and board composition issues that led to monetary penalties, but the company has since restored compliance and trading status. Investors should note the lingering governance concerns and the pending revocation application with BSE, though the worst compliance risks appear to have been addressed.