Pursuant to regulation 24A of SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015 company is submitting Annual Secretarial Compliance Report for the year ended 31st March 2025
Awaiting price reaction for this filing.
Harig Crankshafts submitted its Annual Secretarial Compliance Report for FY25, reviewed by R&D Company Secretaries. The company was taken over by new promoters under the Insolvency and Bankruptcy Code (resolution plan approved on 17 May 2024), which led to a completely new board. Several compliance gaps were flagged during the transitional year: the four new directors appointed in May 2024 were not approved by shareholders within the required 3 months, quarterly financial results for June and September 2024 were filed late, and annual audited results for FY24 were filed beyond 60 days. The company also failed to file its quarterly investor grievance report, corporate governance report, shareholding pattern (June 2024 quarter), share capital audit reconciliation, and half-yearly related party transaction statement for H1 FY25. The company stated these lapses were due to transitional challenges after the change of management and CIRP-related delays. No penalty or action has been taken by SEBI or the stock exchange as of the report date. Related party transactions were largely nil except for the appointment of a new CFO, which was approved by the NRC and Board rather than pre-approved by the Audit Committee.
For retail investors, this is a routine compliance disclosure but it highlights governance hiccups following the company's emergence from insolvency. Multiple filing delays and lapses in shareholder approvals for directors are red flags that may affect confidence, though the company attributes these to the post-CIRP transition and no penalties have been imposed yet.