SETCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Setco Automotive has filed its Annual Secretarial Compliance Report for FY ending March 2026. The Practicing Company Secretary confirms general compliance with SEBI regulations but highlights multiple corporate governance failures. The company faced repeated fines from BSE and NSE for non-compliance with board composition requirements (failing to appoint a Woman Director), and constitution of key committees (Audit, Nomination & Remuneration, Stakeholder Relationship). Total penalties paid include Rs. 4.6 lakh plus GST for board composition issues, Rs. 2.17 lakh plus GST for NRC, Rs. 96,760 plus GST for audit committee, and Rs. 1.03 lakh plus GST for stakeholder committee. Additionally, financial results were filed 43 days late resulting in Rs. 2.15 lakh fine. Critically, a SEBI order dated February 5, 2026 found reasonable grounds that the company's financial statements were prepared in a manner detrimental to investors. The CMD Harish Sheth, Udit Sheth, and Urja Shah have appealed this order at the Securities Appellate Tribunal (SAT) and the matter remains pending.
The pending SEBI investigation and SAT appeal represent significant legal and reputational risk for the company. Repeated governance non-compliances and fines indicate weak internal controls. Shareholders should monitor SAT proceedings closely as the outcome could impact the company's listing status.