Annual Secretarial Compliance Report 31st March 2026
WILLAMAGOR · price
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M/s MKB & Associates issued a secretarial compliance report for Williamson Magor & Co. for the financial year ending 31st March 2026. The report states that the company has generally complied with applicable SEBI regulations including LODR, PIT, and Takeover regulations. However, a significant finding reveals that all four directors—Mr. Lakshman Singh, Mr. Chandan Mitra, Ms. Lyla Cherian, and Mr. Tabrez Ahmed—are disqualified under Section 164(2) of the Companies Act, 2013. The disqualification stems from default in payment of 995 Non-Convertible Debentures (NCDs) of Rs 10 lakh each since Q3 2021. The company has disclosed that a settlement agreement was signed on 5th May 2023 with IL&FS Infrastructure Debt Fund and others to amicably resolve the NCD defaults. The company has no subsidiaries and all other compliance areas including secretarial standards, website disclosures, related party transactions, and insider trading norms were found satisfactory.
While the settlement agreement with IL&FS provides some resolution to the NCD default issue, the ongoing director disqualifications present governance concerns. This may affect investor confidence and could require regulatory attention regarding board composition until the disqualification is formally lifted.