Annual Secretarial Compliance for the year ended March 31, 2025
SETCO · price
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Setco Automotive has filed its Annual Secretarial Compliance Report for FY25, prepared by Practicing Company Secretary Shravan A. Gupta & Associates. The report flags several compliance issues: a SEBI Show Cause Notice dated October 14, 2024 was issued to the company, all directors, CEO and CFO alleging that financial statements were prepared in a manner detrimental to investors, and this matter remains under SEBI scrutiny. BSE and NSE levied penalties totalling over Rs. 11 lakh for various non-compliances, including a 43-day delay in filing audited FY24 financial results (Rs. 2.54 lakh), one-day delay in secretarial compliance report filing (Rs. 2,360), and multiple penalties (Rs. 8.14 lakh + GST) for lapses in Board composition such as absence of a woman director and improper constitution of audit, nomination/remuneration, and stakeholder relationship committees. The company has paid the smaller fines and submitted waiver applications for the Board composition penalties, which are pending with the exchanges. Apart from these, the company is otherwise in compliance with SEBI regulations on insider trading, related party transactions, and other corporate governance norms.
Shareholders should note an active SEBI investigation into the company's financial reporting practices and significant exchange penalties for corporate governance lapses, which together signal regulatory risk and weak compliance discipline that could weigh on investor confidence and stock sentiment.