Annual Secretarial Compliance Report for the financial year ended 31st March, 2026 is enclosed
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Devesh Pathak & Associates, Practicing Company Secretaries, filed the annual secretarial compliance report for Steelco Gujarat Ltd. The report confirms general compliance with SEBI regulations but flags one key observation: the company currently has only 5.36% public shareholding (266,012 shares out of 49,66,012 total equity shares), falling well below the mandatory 25% minimum public shareholding (MPS) requirement under Regulation 38 of LODR. The shortfall is a direct consequence of the company's corporate insolvency resolution process (CIRP), during which the company was non-operational since November 2019 and trading was suspended until October 8, 2025. The company is actively addressing this through a rights issue of 13,30,060 equity shares at Rs 112 per share (ratio 5:1), open from May 25 to June 4, 2026. Promoters have indicated they will forgo their entitlement portion to achieve compliance. All prior-year observations (compliance officer appointment, investor grievance submissions, corporate governance reports, financial results filing) have been resolved, and no penalties or actions have been imposed by SEBI or the stock exchanges.
The stock is under regulatory pressure due to non-compliance with minimum public shareholding norms. The ongoing rights issue is a critical step toward compliance, and if successful, could remove this overhang. However, investors should monitor the outcome of the rights issue, as failure to reach 25% within the prescribed timeline (March 2027) could lead to further regulatory action.