Pursuant to Regulation 24A of SEBI (LODR) Regulations, 2015, please find enclosed Annual Secretarial Compliance Report for the financial year ended March 31, 2026.
Awaiting price reaction for this filing.
Ashiana Ispat Limited has filed its Annual Secretarial Compliance Report for FY 2025-26, which reveals multiple SEBI compliance violations. The company faced 15 instances of late filings between March and September 2025, incurring fines from BSE totaling over ₹15 lakhs. Key violations include: failure to maintain required independent director composition on the board (Reg 17), delayed shareholder approval for director appointments (Reg 17(1C)), and a Company Secretary vacancy lasting over 3 months (Reg 6). The company also failed to disclose reasons for delayed financial results for three consecutive quarters (Q4 FY25, Q1 FY26, Q2 FY26) citing "financial distress" and ongoing banker negotiations. BSE suspended trading in the company's securities from December 15, 2025, due to non-compliance with Regulation 33 for two consecutive quarters. Outstanding penalties of ₹11.43 lakhs remain unpaid.
This report signals significant corporate governance failures and financial distress at Ashiana Ispat. With trading suspended and multiple regulatory violations, shareholders face uncertainty about the company's listing status and recovery prospects. The pattern of repeated late filings and poor internal controls raises red flags for investors.