Annual Secrtetarial Compliance Report for financial year ended March, 2025
ZENITHSTL · price
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Zenith Steel Pipes & Industries has filed its Annual Secretarial Compliance Report for FY ended March 31, 2025, reviewed by M/s Anil Somani & Associates. The report flags several non-compliances: delayed filing of Q2 FY25 financial results (filed on 15.11.2024), delayed related party transaction report and newspaper publication for Q2 and Q3 FY25, non-filing of FY2023-24 annual report in XBRL format, and absence of required SEBI LODR policies including the Preservation of Documents and Archival Policy. The report also highlights ongoing serious matters: a SEBI order that banned the company from capital markets for 3 years over a GDR issue (penalty originally Rs 10 crore), which the Securities Appellate Tribunal partly allowed by reducing the penalty to Rs 25 lakh, but SEBI has filed a civil appeal with the Supreme Court which is pending. Additionally, a petition has been filed before NCLT Mumbai against the company and its directors/KMPs, and the company has defaulted in repayment of principal and interest to depositors, leading to prosecution by the Registrar of Companies.
The report exposes multiple governance and compliance weaknesses, including ongoing SEBI, NCLT, and depositor-related legal issues that remain unresolved. For shareholders, this raises significant red flags about regulatory standing and could weigh negatively on investor sentiment and stock price.