Annual Secretarial Compliance report for March 31, 2026
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The secretarial compliance report for FY 2025-26 identifies two new non-compliances and three prior-year issues that were subsequently rectified. The key new violation involves the Company granting Employee Stock Options (ESOPs) on May 18, 2024 without obtaining prior in-principle approval from BSE Limited as required under Regulation 28 of SEBI (LODR) Regulations, 2015. The ESOP grants were cancelled on March 23, 2026 and treated as void ab initio with no shares allotted. The second non-compliance involved an incorrect face value in XBRL financial filing submitted to BSE, which was subsequently revised. Previous year non-compliances related to delayed XBRL filing of audit declaration, clerical errors in shareholding pattern, and delayed disclosure of Rs 10.61 crore CGST penalty — all of which were rectified by the Company. The overall compliance status shows the Company is largely compliant with SEBI regulations, though several procedural lapses were noted.
The non-compliances are procedural in nature with no financial impact since ESOPs were cancelled and no shares were allotted. However, the pattern of repeated procedural errors (XBRL, shareholding pattern, disclosures) and the ESOP approval lapse may attract regulatory scrutiny from BSE/SEBI. Shareholders should note that management attributes these to inadvertent oversight rather than intentional non-compliance.