We are submitting herewith Annual Secretarial Compliance Report for the year ended March 31, 2025
Awaiting price reaction for this filing.
Maxgrow India Ltd (BSE Scrip: 521167) has submitted its Annual Secretarial Compliance Report for FY ended March 31, 2025, prepared by Practicing Company Secretary BYG & Associates. The report identifies 20 compliance violations across multiple SEBI LODR and other regulations. Key violations include delayed filing of quarterly corporate governance reports, shareholding patterns, and financial results across multiple quarters. Additional non-compliance areas include missing related party transaction disclosures, share capital audit reports, annual report, and non-maintenance of a functional website and Structured Digital Database. The company also failed to constitute required board committees and obtain D&O insurance for independent directors. Management attributes all delays to the suspension of trading by BSE Limited and ongoing CIRP (Corporate Insolvency Resolution Process) proceedings, stating it is strengthening its compliance mechanisms going forward.
This is a highly negative filing indicating systemic compliance failures. The company was under trading suspension and CIRP, resulting in a widespread breakdown of regulatory adherence across reporting, governance, and disclosure requirements. While management states compliance has since been met, the extent of violations signals poor internal controls and weak governance. Investors should treat this as a high-risk stock requiring careful monitoring of revocation status.