Compliance - Reg24(A)- Annual Secretarial Compliance Report
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Awaiting price reaction for this filing.
Vista Pharmaceuticals filed its Annual Secretarial Compliance Report for FY2023-24, which reveals extensive non-compliance with SEBI LODR regulations and BSE fines totalling roughly Rs. 3.69 crore. Major penalties include Rs. 2.98 crore for failing to apply to the exchange for listing of further equity shares (waiver application still pending with BSE), Rs. 33.25 lakh for delayed submission of audited financial results, and Rs. 27.45 lakh for not having a woman director on the Board. Additional fines were paid for delays in appointing a compliance officer, wrong composition of Audit and Nomination & Remuneration committees, and not passing a special resolution for a director over 75 years. The company also did not maintain a functional website and promoters failed to file SAST declarations under Reg 31(4).
This filing is a significant red flag for shareholders — it shows serious and repeated governance failures, mounting penalties (over Rs. 3.6 crore), and a pending Rs. 2.98 crore penalty waiver with BSE which could materially impact the stock. The pattern of non-compliance may raise concerns about management quality and could attract further regulatory scrutiny.