Mahaalaxmi Texpro Limited (formerly known as Abhishek Corporation Limited) received an Annual Secretarial Compliance Report for the financial year ending March 31, 2025. The report was issued by Shrenik Nagaonkar & Associates, Company Secretaries.
The report was submitted to the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited, in compliance with circular no. CIR/CFD/CMD1/27/2019, dated February 08, 2019.
According to the report, Mahaalaxmi Texpro Limited generally adhered to the provisions outlined in various SEBI regulations and associated circulars/guidelines. These include:
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR).
- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
- Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (Not applicable during the Review Period).
- Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (Not applicable during the Review Period).
- Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (Not applicable during the Review Period).
- Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
A deviation was noted in the report regarding the payment of listing fees to the stock exchanges. Mahaalaxmi Texpro Limited did not pay listing fees for the year 2024-25 to BSE and the National Stock Exchange due to liquidity problems. The company had been under liquidation, but new management has since taken over and intends to prioritize the payment of annual listing fees.
The report also addressed previous observations regarding the non-payment of listing fees for the years 2021-22, 2022-23, and 2023-24, attributing the issue to the company's liquidation status and resulting liquidity issues.
The report confirms Mahaalaxmi Texpro Limited's compliance with the following requirements:
- Adherence to applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).
- Adoption and timely updating of policies under SEBI Regulations.
- Maintenance and disclosures on the company's website.
- Absence of director disqualifications under Section 164 of the Companies Act, 2013.
- Preservation of documents as prescribed under SEBI Regulations.
- Performance evaluation of the board, independent directors, and committees.
- Prior approval of the audit committee for all related party transactions.
- Timely disclosure of events or information under Regulation 30 of SEBI LODR Regulations, 2015.
- Compliance with Regulation 3(5) & 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
The report indicates that no actions have been taken against Mahaalaxmi Texpro Limited, its promoters, directors, or subsidiaries by SEBI or Stock Exchanges. Additionally, there were no resignations of statutory auditors from the listed entity or its material subsidiaries during the financial year.
