Shervani Industrial Syndicate Limited has received its Annual Secretarial Compliance Report (ASCR) for the financial year ended 31st March 2026, prepared by K. O. Siddiqui, Practicing Company Secretary of Siddiqui & Associates, New Delhi. The report has been issued pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, and NSE Circular Ref No: NSE/CML/2023/30 dated April 10, 2023. The examination covered all relevant documents, filings, and submissions made by the listed entity to the stock exchanges, as well as the company’s website and other relevant records.
GST Non-Compliance: Key Deviation Noted
The report identifies one compliance deviation for the review period. The Asst. Commissioner, CGST & Central Excise Division – II Allahabad issued a demand against the company under Sections 74 & 50 of the Central Goods and Services Tax Act, 2017, pertaining to non-payment of GST under reverse charge. The details of the deviation are presented below:
| Parameter: | Details |
| Compliance Requirement: | Section 74 & 50 of the Central Goods and Services Tax Act, 2017 |
| Regulation/Circular No.: | Central Goods and Services Tax Act, 2017 |
| Deviation: | Non-Payment of GST under Reverse Charge |
| Action Taken By: | Asst. Commissioner, CGST & Central Excise Division – II Allahabad |
| Type of Action: | Demand of Rs. 1,33,96,340/- & Interest thereon along with equivalent penalty |
| Demand Order & SCN No.: | 167/AE/AC/2025-26 dated 28.08.2025 |
| Fine Amount: | Equivalent amount to Interest as penalty |
| Management Response: | Company has decided to file an appeal |
Aggrieved by the order, the company has decided to file an appeal against the aforesaid demand within the timeline prescribed under the Act.
Broad Regulatory Compliance Maintained
Aside from the GST-related deviation, the report confirms that Shervani Industrial Syndicate has maintained compliance across a wide range of SEBI regulations and secretarial requirements during the review period. The following table summarises the compliance status across key parameters:
| Compliance Parameter: | Status |
| Secretarial Standards (ICSI) | Yes |
| Adoption & Timely Updation of Policies | Yes |
| Maintenance & Disclosures on Website | Yes |
| Disqualification of Director (Sec. 164) | Yes |
| Identification & Disclosure of Material Subsidiaries | Yes |
| Preservation of Documents | Yes |
| Performance Evaluation of Board & Committees | Yes |
| Related Party Transactions (Audit Committee Approval) | Yes |
| Disclosure of Events or Information (Reg. 30) | Yes |
| Prohibition of Insider Trading (Reg. 3(5) & 3(6)) | Yes |
| Actions by SEBI or Stock Exchanges | Yes |
| Resignation of Statutory Auditors | Not Applicable |
| Additional Non-Compliance | No |
The company’s statutory auditor, M/s P. L. Tandon, Chartered Accountant, was appointed at the AGM held on 30.09.2022, and the clause pertaining to auditor resignation was accordingly marked as not applicable.
Regulations Examined and Scope
The secretarial compliance review covered the following key regulations, with certain regulations noted as not applicable for the year ended 31st March 2026:
- Applicable: SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; SEBI (Prohibition of Insider Trading) Regulations, 2015
- Not Applicable: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018; SEBI (Buyback of Securities) Regulations, 2018; SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; SEBI (Issue and Listing of Debt Securities) Regulations, 2008
With respect to previous reports, no prior observations were received, and accordingly, all related compliance fields were marked as not applicable or nil.
Assumptions and Limitations
The report notes that compliance with applicable laws and the authenticity of documents and information furnished remain the responsibility of the company’s management. The practicing company secretary has clarified that the report is based solely on examination of relevant documents and information, and does not constitute an audit or expression of opinion. Financial records and books of account were not verified as part of this exercise. The report is intended solely for compliance purposes under Regulation 24A(2) of the SEBI (LODR) Regulations, 2015, and does not serve as an assurance of the company’s future viability or the efficacy of its management. The report was signed by K. O. Siddiqui (FCS 2229, CP 1284, UDIN: F002229H000267331) at New Delhi on 4th May 2026.
