Submission of Annual Secretarial Compliance Report for the period ended 31st March, 2025
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Sharat Industries Ltd has submitted its Annual Secretarial Compliance Report for FY2024-25 to BSE on 30 May 2025, prepared by BP & Associates, Practicing Company Secretaries. The company secretary confirmed overall compliance with SEBI regulations during the review period, with no actions taken by SEBI or stock exchanges and no new non-compliances observed. However, three legacy compliance issues from FY2021-22 remain unresolved — stemming from the inadvertent misclassification of certain public shareholders as 'promoters' at the time of the company's IPO. These affect Regulations 31(2) (100% promoter holdings in demat form), 31A (reclassification of promoters), and 40 (transfer of securities between promoters). The company is currently in the process of filing an application under Regulation 102 of SEBI LODR seeking relaxation to rectify the misclassification.
No new penalties or regulatory actions have been imposed. The promoter shareholding misclassification issue carried over from FY22 is still pending resolution through a SEBI application, which shareholders should keep an eye on. Overall, the filing is a routine compliance submission with no fresh concerns.