Annual Secretarial Compliance Report for the financial year ended 31st March, 2025
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SPML Infra submitted its Annual Secretarial Compliance Report for FY25 to BSE and NSE under SEBI Regulation 24A. The Practicing Company Secretary flagged two governance lapses: non-constitution of the Nomination and Remuneration Committee (Regulation 19) and the Stakeholder Relationship Committee (Regulation 20) for a total of 32 days during Q2 and Q3 of FY25. BSE and NSE imposed monetary fines aggregating Rs. 1,51,040 (including GST), with BSE levying Rs. 1,08,560 and NSE Rs. 42,480. The company constituted both committees w.e.f. 24 October 2024 and has applied to the exchanges for waiver of penalties. All other areas reviewed, including secretarial standards, related party transactions, insider trading, website disclosures, and director disqualifications, were found compliant.
Minor governance penalties totalling Rs. 1.51 lakh have been imposed for temporary committee composition lapses, but the issue has been rectified and a waiver has been sought, limiting any material financial or reputational impact on shareholders.