Annual Secretarial Compliance Report for the financial year 2024-25
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SIL Investments Ltd has submitted its Annual Secretarial Compliance Report for FY 2024-25, certified by R. Chouhan & Associates, Practicing Company Secretaries. The report flags one instance of non-compliance under SEBI's Listing Regulations: Mr. Sanjay Kumar Maheswary (who had crossed 75 years of age) was appointed as an Independent Director effective 24 June 2024, but shareholder approval was obtained only at the AGM on 30 July 2024, instead of prior approval as required under Regulation 17(1A) of the SEBI LODR Regulations. NSE and BSE each levied a fine of Rs. 84,960 (including GST) on the company for this lapse. The company has disputed the exchanges' findings and paid the fines under protest, noting that similar matters are currently under appeal before the Supreme Court. All other compliance areas — Secretarial Standards, board policies, website disclosures, related party transactions, insider trading, and subsidiary disclosures — have been confirmed as compliant with no additional non-compliances observed.
The fine amount is small (~Rs. 1.7 lakh total) and is unlikely to materially affect shareholders or the stock price. The regulatory action relates to a procedural delay in obtaining shareholder approval for an existing director's continuation, which has since been ratified. Investors should note the ongoing legal challenge around this matter but no significant governance red flags were identified in the report.