Annual Secretarial Compliance Report as per Reg. 24(A)
VIVIDHA · price
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Visagar Polytex Ltd has filed its Annual Secretarial Compliance Report for FY ending March 2026, revealing multiple regulatory non-compliances. The company, which falls in the top 2000 list by market capitalisation, was fined for three key violations: (1) Board composition violations under Regulation 17(1) where the company had only 5 directors instead of the required minimum of 6 for extended periods during June-August 2025, resulting in fines of Rs 1,18,000 and Rs 2,53,700 from each exchange; (2) Delay in prior intimation of board meetings under Regulation 29(2)/29(3), fined Rs 11,800 from each exchange; and (3) Delay in submitting this very report under Regulation 24(A), fined Rs 18,800 by NSE. Past non-compliances from FY 2024-25 also remain, with the company having paid approximately Rs 8.24 lakh in total fines to both BSE and NSE. The company has since appointed a 6th director and has filed applications for waiver of some fines.
Repeated regulatory non-compliance and cumulative fines of over Rs 11 lakh highlight weak governance and internal controls. While the company has taken remedial steps, ongoing pattern of violations may raise concerns among investors about corporate governance standards.