We are filing declaration regarding non applicability of submission of Annual Secretarial Compliance for the year ended on March 31, 2026
Awaiting price reaction for this filing.
Girnar Spintex Industries Ltd has filed with BSE and NSE stating it is exempt from submitting the Annual Secretarial Compliance Report for the year ending March 2026, citing Regulation 15(2) of SEBI LODR Regulations. The exemption claim is supported by a Net Worth Certificate from Statutory Auditors Pradeep Patankar & Co. The certificate reveals the company has persistently negative net worth: -Rs. 2.03 crore (FY23), -Rs. 7.04 crore (FY24), and -Rs. 3.56 crore (FY25). Despite the improvement from -7.04 to -3.56 crore, the company remains in net worth deficit. The auditors explicitly excluded revaluation reserves (Rs. 46-47 crore across years) as per the Companies Act definition. The filing was signed by Managing Director Deepak Choudhari on April 13, 2026.
The exemption is a procedural filing and not a new event. However, the persistently negative net worth indicates significant accumulated losses and financial distress, which investors should monitor closely as it may raise concerns about the company's going concern status.