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HSPN & Associates LLP conducted a secretarial review of Sunil Industries Limited for FY 2024-25. The company has largely complied with SEBI regulations, except for one deviation: 39,900 equity shares (7.63% of promoter shareholding) remain undematerialized, violating Regulation 31(2) of SEBI LODR Regulations 2015. This is an improvement from previous years - FY 2023 had 40,900 shares (0.98%) undematerialized and FY 2024 had 39,900 shares (1.62%) undematerialized. The company dematerialized 1,000 shares during the year and is in the process of communicating with remaining shareholders. All other compliance areas including secretarial standards, policies, website disclosures, board evaluations, related party transactions, and insider trading norms were found satisfactory.
The company faces a regulatory compliance issue with undematerialized promoter shares. While this is a minor violation and management is addressing it progressively, it may attract regulatory scrutiny if not resolved. No fines or actions have been taken by SEBI or stock exchanges yet.