Secretarial compliance report for the financial year ended 31st March 2026
S&SPOWER · price
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S&S Power Switchgear Ltd has filed its Secretarial Compliance Report for FY 2025-26, revealing four compliance deviations. First, the board had only 3 independent directors instead of the required 4 since the Chairman is a promoter; the company appointed a 4th independent director on 22nd May 2026 to rectify this. Second, no independent director from the holding company was appointed in two material subsidiaries (Hamilton Research & Technology Pvt Ltd and Acrastyle Ltd UK); the company appointed one in Hamilton on 14th May 2026 and is working on Acrastyle. Third, the company paid Rs. 2 lakhs per quarter commission to non-executive directors without obtaining prior shareholder approval as required under Regulation 17(6)(a). Fourth, the Nomination and Remuneration Committee composition was non-compliant, resulting in a combined fine of Rs. 3,28,040 from BSE and NSE, which has been paid. The company has since rectified the NRC composition as of 23rd May 2025.
The company has mostly addressed past compliance issues, though one violation (shareholder approval for director remuneration) remains pending. The fine of Rs. 3.28 lakh is a minor negative, but the trend shows improving governance practices. Shareholders should expect the remuneration approval to be sought at the upcoming AGM.