Please find attached herewith the Annual Secretarial Compliance Report issued by the PCS for the year ended on March 31, 2026.
SADBHAV · price
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Sadbhav Engineering Ltd has submitted its Annual Secretarial Compliance Report for FY2025-26, examined by PCS Ravi Kapoor & Associates. The report shows the company is largely compliant across 12 regulatory areas including Secretarial Standards, website disclosures, insider trading rules, and related party transactions. However, the report details four instances of non-compliance with SEBI Regulation 17(1) concerning board composition. After Mr. Sandip Patel resigned on 31-07-2024, the Board fell below the required minimum of directors, leading BSE to levy fines of Rs 59,900 (Q3 FY25), Rs 4,50,000 (Q4 FY25), Rs 4,55,000 (Q1 FY26), and Rs 3,25,000 (Q2 FY26) totalling approximately Rs 12.90 lakh including GST. NSE levied a separate fine of Rs 3,05,000. Additionally, a Rs 4,000+GST fine was levied for a 4-day delay in filing the Q1 FY26 shareholding pattern due to a technical issue. The company states it is looking for suitable candidates to fill the Board position, and all penalties have been paid.
The company has paid all fines and is actively recruiting to fill the Board vacancy caused by the July 2024 resignation. While compliance is otherwise satisfactory, repeated penalties for board composition signal ongoing governance risk. Shareholders should monitor whether the Board is reconstituted to meet regulatory requirements.