Submission of Annual Secretarial Compliance Report for the year ended 31st March, 2025
Awaiting price reaction for this filing.
Gujarat State Petronet Ltd has filed its Annual Secretarial Compliance Report for FY2024-25 with BSE and NSE, as required under SEBI LODR Regulation 24A. The report, prepared by SPANJ & Associates, flagged two instances of non-compliance related to delays in appointing an Independent Woman Director — a 5-day delay for the March 2024 quarter (fine of Rs 29,500) and an 84-day delay for the June 2024 quarter (fine of Rs 4,95,600), totalling Rs 5,25,100. The company explained that as a Government Company, the power to appoint Independent Directors lies with the E&P department of the Government of Gujarat, and the position has since been filled. Both NSE and BSE have agreed to waive the fines, and the company has applied for a refund. All other compliance areas, including Secretarial Standards, policies, website disclosures, and related party transactions, are reported as compliant. One instance of insider trading contravention by a designated person was noted, with the company having taken action and reported it to the exchanges.
This is a routine annual compliance filing with no material business impact. The director-appointment delays are attributable to the government-controlled appointment process rather than company negligence, and the fines have been waived by the exchanges. Shareholders should note the fine was never paid out, and overall compliance status remains healthy.