Annual Secretarial Compliance Report as per Reg. 24(A)
ZENITHSTL · price
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Zenith Steel Pipes & Industries Limited has submitted its annual secretarial compliance report for FY 2025-26 (ended 31 March 2026), reviewed by Pimple & Associates, Practicing Company Secretary. The report shows mixed compliance: the company passed on secretarial standards, board policies, website disclosures, director qualifications, related party transactions, and insider trading. However, two current-year filing delays were noted — scrutinizer report and voting results for the FY 2024-25 AGM (fine of Rs. 11,800 paid), and newspaper publication of Q2 FY 2025 financial results. The report also flags a legacy GDR-related violation where SEBI banned the company from capital markets; the ban was reduced by SAT to time already served and penalty reduced to Rs. 25 lakh, but SEBI has filed a civil appeal in the Supreme Court. Additionally, prosecution by ROC Mumbai for Company Law Board non-compliance and a pending NCLT petition under Sections 221/222/241/242/246 of Companies Act 2013 remain outstanding.
Shareholders should note the company has a history of repeated filing delays and unresolved regulatory actions, including a Supreme Court appeal by SEBI regarding a past GDR violation. While management has paid fines for current-year delays, the ongoing legal matters at NCLT and Supreme Court level represent material governance risks.