In terms of Reg 24(A) of SEBI (LODR) Regulations, 2015, we are enclosing herewith Annual Secretarial Compliance Report duly issued by M/s. KVC Reddy & Associates, Company Secretaries for ....
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Suryalakshmi Cotton Mills has submitted its Annual Secretarial Compliance Report for FY2025 to BSE and NSE, prepared by KVC Reddy & Associates. The report flags two compliance observations: (1) Delay in maintaining the required Board composition under LODR Regulation 17(1) between April 1, 2024 and August 21, 2024, attracting a fine of Rs. 8,43,700 from stock exchanges (waiver application pending); (2) Delay of 99 days in obtaining shareholder approval for re-appointment of a Non-Executive Director aged over 75 years under Regulation 17(1A), attracting a fine of Rs. 2,12,400 (waiver applied). The company has since appointed Mr. R. Surender Reddy (May 24, 2024) and Ms. Aruna Prasad (August 22, 2024). All other SEBI regulations, secretarial standards, insider trading rules, and disclosure requirements were complied with.
These are procedural compliance lapses related to board composition and shareholder approvals that have already been rectified, with waiver applications pending. No material impact on business operations or financials is expected, though the fines (totaling ~Rs. 10.6 lakh) remain contingent on exchange decisions.