Submission of Annual Secretarial Compliance Report for the Financial year ended 31st March, 2025
SIMPLEXINF · price
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Simplex Infrastructures has filed its Annual Secretarial Compliance Report for FY2024-25, prepared by A.K. Labh & Co., Practicing Company Secretaries. During the review period, the company reported NIL new deviations from SEBI regulations. However, the report highlights a serious continuing issue: the company has defaulted in redemption of debentures or payment of interest due, with such failure persisting for more than one year. As a result, all directors of the company except Mr. Subrata Kumar Ray and Mr. Gurumurthy Ramanathan (inducted on 28.03.2025) are in violation of Section 164(2)(b) of the Companies Act, 2013 and are under default as on 31.03.2025. Legacy non-compliances from FY2022-23 and FY2023-24 are also listed, including security cover shortfall under Regulation 54(1) and delays in financial result submissions, with past fines aggregating to Rs. 335,300 (NSE) and Rs. 330,400 (BSE). The company states it has since taken remedial action on several prior observations, including opening the Suspense Escrow Demat Account and obtaining the Special Contingency Insurance Policy.
This filing flags significant governance and credit concerns: directors being declared under default under Section 164 disqualifies them from being appointed as directors in other companies and signals unresolved debenture obligations. Shareholders should view this as a negative signal on the company's debt servicing track record and overall governance posture, which could weigh on the stock.