Annual Secretarial Compliance Report for the year ended March 31, 2025
RELIGARE · price
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Religare Enterprises filed its Annual Secretarial Compliance Report for FY25, prepared by M/s MAKS & Co., confirming general compliance with SEBI regulations but flagging three specific non-compliances. First, the CFO post has been vacant since Mr. Nitin Aggarwal's resignation on November 12, 2024, breaching the 3-month deadline under Regulation 26A(2) — management cited ongoing restructuring after the Burman Group change of control. Second, Q2 FY25 financial results were submitted to BSE with a 4-minute delay, attracting a fine. Third, the RBI's May 2024 refusal to approve Mr. Rakesh Asthaana as Director was disclosed only in October 2024 after exchange intervention, prompting warning letters from NSE and BSE. The report also highlights a pending SEBI show-cause notice (June 2024) against the company and six directors over the Burman Group open offer, currently sub-judice at SAT with the next hearing on July 21, 2025. Subsidiary Religare Broking Ltd also faced exchange penalties for operational broking violations during the year.
This is a routine annual compliance filing, but it puts a spotlight on lingering governance issues — an unfilled CFO seat, minor disclosure lapses, and an unresolved regulatory action against directors tied to the Burman takeover. Share price impact is likely muted as these issues are already known, but timely closure of the CFO vacancy and a favourable SAT ruling would be positive catalysts.