Secretarial Compliance Report under Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial year ended March 31, 2026
Awaiting price reaction for this filing.
Melstar Information Technologies Limited has submitted its Annual Secretarial Compliance Report for FY 2025-26, which reveals multiple regulatory non-compliances. The company was fined a total of approximately Rs 8.29 lakh by both BSE and NSE for violations including: delayed submission of the Annual Report (Rs 5.47 lakh combined), delayed submission of Statement on Impact of Audit Qualifications (Rs 2.36 lakh combined), delayed appointment of a Compliance Officer (Rs 21,240 combined), and delayed prior intimation about a Board meeting (Rs 23,600 combined). The company has explained these lapses were due to ongoing NCLT restructuring proceedings affecting share listing approvals, administrative oversights, and recruitment difficulties. The company has filed waiver applications for the fines with both exchanges. The compliance auditor (Pawan Jain & Associates) noted that while the violations are procedural in nature with no mala fide intent, the management needs to strengthen internal compliance monitoring mechanisms.
The filing highlights weak internal controls and compliance failures following the company's emergence from insolvency proceedings in 2024. Shareholders should note that while all violations are characterized as procedural, cumulative fines of Rs 8.29 lakh have been imposed, and the company's shares remain suspended from trading pending completion of NCLT-related listing formalities.