Annual Secretarial Compliance report as on 31.03.2025
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Steelco Gujarat Limited filed its Annual Secretarial Compliance Report for FY ending March 31, 2025, revealing a history of delayed and non-submissions during the earlier quarters of the year. The company had no qualified Company Secretary until Mr. Parag Dave was appointed on December 2, 2024, and lacked the required number of independent directors until two were inducted on April 15, 2024 (with a third on October 14, 2024). The report also highlights the company's ongoing Corporate Insolvency Resolution Process: it has been non-operational since November 2019, was admitted to CIRP in December 2020, and had its Resolution Plan submitted by Next Orbit Growth Fund III approved by NCLT Ahmedabad on July 31, 2023. BSE granted listing approval on April 28, 2025 for a restructured share capital of 49,66,012 equity shares of Rs.10 each. No fines were imposed, and the Resolution Plan includes a 3-year waiver on SEBI-related past non-compliance liabilities.
Shares remain suspended from trading despite BSE's listing approval for the restructured capital — revocation of suspension is pending. Shareholders should note the restructuring (reduction of capital plus fresh allotment to the new promoter) and that the new management is still implementing the resolution plan, with operations yet to resume.