Pursuant to Regulation 24A (2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Annual Secretarial Compliance Report (ASCR) for the financial ....
Awaiting price reaction for this filing.
Melstar Information Technologies has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025 to BSE and NSE, as required under SEBI LODR Regulation 24A. The report, issued by S. Talwar & Associates, confirms overall compliance with SEBI regulations except for two areas: non-submission of the corporate governance report for Q1 FY25 (due to ongoing CIRP/reconstruction proceedings) and pending Annual Listing Fees, for which waiver applications have been filed. Key corporate actions during the year include the allotment of 26,42,000 equity shares worth ₹2.64 crore to Shivasons Solutions India (the resolution applicant) via preferential allotment on February 26, 2025, a capital reduction process (record date August 30, 2024), and reconstitution of the Board in July 2024 with Vineet Shah as Managing Director and new Independent Directors. The statutory auditor issued a qualified opinion, but management stated the company continues on a going-concern basis given new business plans and pending licenses to start operations.
This is a routine compliance filing with no direct stock price trigger, but it confirms the company is still in post-insolvency restructuring mode. Shareholders should note the pending capital reduction and the change in shareholding pattern from the new promoter's preferential allotment, which will reduce public shareholding and may trigger further SEBI actions on minimum public shareholding norms.