Annual Secretarial Compliance Report for the Financial Year ended March 31, 2025 , issued by Kamlesh M. Shah & Co., Practicing Company Secretary.
SALSTEEL · price
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S.A.L. Steel Ltd has filed its Annual Secretarial Compliance Report for FY25, confirming overall compliance with SEBI regulations but flagging several lapses. The company fell short of the minimum 6 directors required under Regulation 17(1) for brief periods in the September and December 2024 quarters, attracting combined fines of around Rs. 4.57 lakh from BSE and NSE. A Company Secretary cum Compliance Officer was not appointed for about 69 days, drawing additional fines (~Rs. 81,420 total). The company also entered into a material related party transaction with promoter Shah Alloys Ltd without prior shareholder approval, prompting a SEBI warning letter. Separately, the company issued 48 lakh convertible equity warrants at Rs. 25 each to promoters, raising up to Rs. 12 crore in June 2024.
The disclosed penalties, board composition gaps, and the SEBI warning on related party transactions flag governance concerns that could weigh on investor sentiment, though fines have largely been paid and a waiver application is pending with BSE.