Comrade Appliances Limited has filed its quarterly compliance certificate with the Bombay Stock Exchange, confirming adherence to SEBI depositories regulations for the quarter ended 31st March, 2026. The submission demonstrates the company's commitment to regulatory compliance and transparent corporate governance practices.

Regulatory Compliance Details

The compliance certificate was submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, covering the fourth quarter of fiscal year 2026. Managing Director Khursheed Alam signed and submitted the certificate on April 07, 2026, ensuring timely regulatory compliance.

Share Transfer Agent Confirmation

Big Share Services Pvt. Ltd., serving as the company's registrar and share transfer agent, issued the compliance certificate on April 06, 2026. The certificate confirms that Regulation 74(5) is not applicable to Comrade Appliances Limited due to specific shareholding characteristics.

According to the certificate issued by Akash Shamal, Authorised Signatory at Big Share Services, the entire holding of the company's shares remains in demat form. This digital format eliminates the need for physical share certificates and streamlines trading processes.

Dematerialisation Status

The compliance certificate reveals that no rematerialisation requests were received from company members during the quarter ended 31st March, 2026. This indicates continued investor preference for electronic share holding, which offers enhanced security and convenience compared to physical certificates.

Corporate Information

Comrade Appliances Limited operates from its registered office located at Shop No 39 Ground Level I Dewan Centre 183-186 S V Road Jogeshwari West Mumbai- 400102. The company maintains its listing on the Bombay Stock Exchange under scrip code 543921, ensuring continued market presence and investor accessibility.

Comrade Appliances Limited announced the forfeiture of 9,00,000 fully convertible warrants on February 24, 2026, after warrant holders failed to exercise their conversion option within the prescribed timeframe. The Board of Directors approved the forfeiture during their meeting held on the same date, in compliance with SEBI regulations.

Warrant Allotment Details

The company had originally allotted 9,50,000 convertible warrants to four allottees on August 24, 2024, on a preferential basis. Each warrant was priced at ₹109 and was convertible into an equal number of equity shares with a face value of ₹10 each. As per the allotment terms, 25% of the issue price was collected upfront at the time of warrant allocation.

Forfeiture Breakdown by Warrant Holders

The forfeiture affected three out of four warrant holders, with varying degrees of non-compliance:

Notably, Mehboob Alam successfully converted all 50,000 warrants into equity shares, while the remaining three holders, including Managing Director Khursheed Alam, failed to exercise their conversion rights.

Regulatory Compliance and Timeline

The forfeiture was executed under Regulation 169(3) of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. According to the preferential allotment terms, warrant holders had 18 months from the allotment date to exercise their conversion option. With the deadline falling on February 24, 2026, the unconverted warrants automatically lapsed.

Financial Impact

The forfeiture results in Comrade Appliances retaining the 25% upfront payments collected on the 9,00,000 lapsed warrants. At ₹109 per warrant, this represents a significant amount that the company will retain as per regulatory provisions. The disclosure has been made available on the company's website at comrade.net.in as required under SEBI listing regulations.

Corporate Governance Implications

The involvement of Managing Director Khursheed Alam among the non-converting warrant holders adds a notable dimension to this corporate action. The forfeiture was signed off by the same individual whose warrants were among those being forfeited, highlighting the company's adherence to regulatory procedures regardless of internal stakeholder positions.