Please find enclosed herewith report under Reg 24A of the SEBI(LODR)Reg, 2025.
VIVIDHA · price
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Visagar Polytex has filed its Annual Secretarial Compliance Report for the year ended March 31, 2025, as required under SEBI's Listing Regulations. The report flags four instances of non-compliance during the year, all of which resulted in monetary fines from BSE and NSE. The biggest issue was Board composition under Regulation 17(1) — the company was required to have 6 directors but had only 5 from April 1 to December 11, 2024, attracting fines of Rs. 3.66 lakh (Sept quarter) and Rs. 4.25 lakh (Dec quarter) from each exchange, totaling about Rs. 15.8 lakh. Two smaller fines of Rs. 11,800 each (per exchange) were levied for delayed prior intimation of a board meeting and for selecting an inappropriate subject for fund-raising under a scheme of arrangement. The company has since added the sixth director, paid all penalties, and committed to strengthening internal compliance processes. Additional observations include an Independent Director not being registered in the Independent Directors database and a slightly delayed intimation of a director's resignation.
Repeated regulatory lapses around board composition and disclosure timeliness raise governance red flags for shareholders, though the financial impact is modest (total fines roughly Rs. 16-17 lakh) and all penalties have already been paid. Investors should monitor whether the company improves its compliance track record in FY26, as recurring fines could indicate weak internal controls.