Tarmat Limited faces compliance gaps in FY26 secretarial audit
Tarmat Limited's FY26 secretarial audit report disclosed non-compliance with regulations regarding promoter shareholding dematerialization and delayed shareholder approval for a director appointment. The company incurred a fine of ₹2,360 for the late submission of its Annual Report. While most SEBI regulations were met, the company continues to work on remedying previous filing delays.
*this image is generated using AI for illustrative purposes only.
Tarmat Limited submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, revealing specific non-compliances despite an overall adherence to SEBI regulations. The report, issued by Practicing Company Secretary Prashant Diwan, highlights deviations concerning promoter shareholding and procedural delays that resulted in a monetary penalty. The company operates in the infrastructure sector, encompassing airports, highways, and railways.
Compliance Observations
The audit confirmed that Tarmat Limited complied with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, except for matters detailed in Annexure A. The company has addressed previous observations regarding the maintenance of a Structured Digital Database under the Prohibition of Insider Trading Regulations, becoming compliant after September 30, 2024.
Key Deviations and Penalties
The report identified three primary areas of non-compliance during the review period. A fine was levied for the delayed submission of the Annual Report, while procedural lapses were noted regarding shareholding dematerialization and director appointments.
| Sr No | Compliance Requirement | Deviation | Action Taken | Fine Amount (Rs.) |
|---|---|---|---|---|
| 1 | 100% Promoter shareholding in Demat | 120 Equity Shares held by a promoter are not in dematerialized form. | Documents submitted to bank for dematerialization. | - |
| 2 | Shareholders approval for appointment of Director | Approval for a director appointed on May 7, 2025, was obtained on September 30, 2025, missing the prescribed timeline. | Approval postponed until the forthcoming AGM. | - |
| 3 | Submission of the Annual Report | The Annual Report was not submitted within the prescribed time. | - | 2,360 |
Regulatory Filings and Remediation
Regarding the non-filing of the Annual Report for the year ended March 31, 2024, in XBRL format, the company assured that it would file the document shortly. The report also noted that while Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) were followed, the compliance mechanisms require strengthening. No actions were taken by SEBI or Stock Exchanges against the entity or its promoters during the year, other than the specified fine.
Historical Stock Returns for Tarmat
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.24% | -0.30% | -1.52% | -0.93% | -6.55% | -9.03% |
What specific measures is Tarmat Limited implementing to strengthen its compliance mechanisms and prevent future procedural delays?
How might the identified non-compliances impact investor confidence and the company's ability to secure future infrastructure projects?
Will the delayed director approval process be completed before the next AGM, and what governance changes are anticipated?
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
