Compliances Reg. 24(A) Annual Secretarial compliances 31.03.2025
RAJRILTD · price
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Raj Rayon Industries has filed its annual Secretarial Compliance Report for FY ending March 31, 2025, as required under SEBI Regulation 24A. The report flags a major ongoing issue: the company has not met the Minimum Public Shareholding (MPS) requirement under Regulation 38 of SEBI LODR since June 2023. Both BSE and NSE have levied Standard Operating Procedure (SOP) fines and have frozen the entire demat accounts of the promoters and promoter group until the non-compliance is resolved. Fines for the September 2024, December 2024, and March 2025 quarters remain unpaid (around Rs. 10.85 lakh and Rs. 10.62 lakh per exchange per quarter), although the June 2024 quarter fine of Rs. 6.04 lakh per exchange was paid. The company had attempted an Offer for Sale while under the Insolvency and Bankruptcy Code (IBC) but failed to achieve MPS. All other compliance items — including secretarial standards, policies, website disclosures, related party transactions, and insider trading norms — are marked compliant.
This is a negative signal for shareholders. The unresolved MPS non-compliance and frozen promoter demat accounts limit share liquidity and signal unresolved governance issues, while ongoing unpaid exchange fines add to financial and regulatory pressure on the company.