S&SPOWER · price
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S&S Power Switchgear has filed its Annual Secretarial Compliance Report for FY25, submitted by BP & Associates, Company Secretaries. The report flags three advisory-level non-compliances: (1) Board composition under Regulation 17(1)(b) — with 9 directors and a promoter as Chairman, the company needs at least 5 independent directors but currently has only 4; (2) Regulation 24(1) — no independent director of the company sits on the board of its material subsidiary; and (3) Regulation 3(5) of Insider Trading rules — certain price-sensitive events were not captured in the structured digital database due to technical issues with the SDD portal. The company says these lapses arose because it crossed the paid-up capital threshold of Rs. 10 crore in May 2024 (after issuing 61.4 lakh new shares, taking capital to Rs. 12.34 crore), which made Regulations 17-27 applicable. It has since appointed two new independent directors and is searching for one more. No fines or penalties were imposed.
These are advisory observations with no financial penalty, but they highlight corporate governance gaps likely to draw investor and exchange attention. Shareholders should watch for appointment of the additional independent director and full remediation of board and subsidiary compliance, as lingering lapses could invite stricter regulatory action.