Please find attached Annual Secretarial Compliance Report for the period ended March 31, 2025
TEXMOPIPES · price
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Texmo Pipes and Products filed its Annual Secretarial Compliance Report for FY 2024-25, confirming overall compliance with SEBI regulations, listing requirements, and secretarial standards. The practicing company secretary reported no new deviations or non-compliances during the review period. The report details ongoing legacy matters related to a 2019 GDR (Global Depository Receipts) issue, where SEBI had imposed penalties and a 3-year market debarment; the company has been contesting these in SAT and the Supreme Court, with partial relief — SAT set aside the original debarment order in October 2024, and SEBI relaxed the debarment for the company and two directors in February 2025. The company has also been directed to bring back USD 3.49 million in outstanding GDR proceeds into its Indian bank account within three months under audit committee supervision. A related SEBI penalty of Rs. 10 crore (later reduced to Rs. 25 lakhs by SAT) is still pending before the Supreme Court. All other compliance areas — board policies, website disclosures, related party transactions, insider trading, and statutory auditor continuity — are confirmed as compliant.
This is a routine annual compliance filing and largely procedural, but it highlights that legacy GDR-related regulatory disputes remain unresolved and could continue to create uncertainty for the stock. The recent partial relief from SAT and SEBI's relaxation of debarment are mildly positive, while the pending Supreme Court matter and requirement to repatriate USD 3.49 million remain overhangs shareholders should monitor.