Annual Secretarial Compliance Report u/r 24A of SEBI (LODR) Regulations 2015
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Standard Surfactants has filed its Annual Secretarial Compliance Report for the year ended 31 March 2025, as required under SEBI (LODR) Regulation 24A. The Practicing Company Secretary found the company compliant on most parameters including secretarial standards, policies, website disclosures, insider trading, related party transactions, and director disqualifications. However, two non-compliances were flagged: (1) the composition of the Board was not in line with Regulation 17(1) of SEBI (LODR), and (2) the composition of the Nomination and Remuneration Committee was not in line with Regulation 19(1). BSE imposed fines of Rs. 5,31,000 (board) and Rs. 2,12,400 (NRC) for the quarter ended March 2025, plus prior fines of Rs. 3,59,900 and Rs. 14,38,680 respectively for the quarter ended December 2024. The company responded that eligible candidates are difficult to find but it is trying to fill the vacancies and bring relevant expertise to the board.
These ongoing board composition lapses have cost the company around Rs. 25.4 lakh in cumulative BSE fines and signal weak corporate governance, which is a negative for minority shareholders. Until the vacancies are filled, further fines in upcoming quarters are likely, putting pressure on the small-cap stock's reputation.