Annual Secretarial Compliance Report for the financial year ended 31st March, 2025
SELMC · price
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SEL Manufacturing submitted its Annual Secretarial Compliance Report for FY25, confirming compliance with most SEBI listing regulations including Secretarial Standards, related party transactions, insider trading, and board processes. Two key non-compliances were flagged: (1) Regulation 38 — Minimum Public Shareholding (MPS) not achieved; the company has applied for reclassification of promoter shares to public category, but SEBI approval is still pending, with no fine imposed (NSE only sought clarification). (2) Regulation 6 — no qualified Company Secretary appointed as Compliance Officer; BSE and NSE each levied fines of Rs 3,45,000 (excluding taxes), though the company appointed Mr. Sumit Sushil Jain as Compliance Officer effective March 12, 2025, restoring compliance. A prior Risk Management Committee composition issue (Regulation 21) from FY24 has since been resolved with cautionary letters from exchanges. Subsidiary SEL Aviation Private Limited was struck off in November 2023.
The reported non-compliances are largely governance and procedural in nature, with relatively modest fines (Rs 6.9 lakh combined) that have now been remedied through the Compliance Officer appointment. The unresolved MPS issue remains a watchpoint for investors, as prolonged non-compliance could attract further regulatory action or limit certain corporate actions, though the company is actively pursuing resolution with SEBI.