Twamev Construction and Infrastructure Limited reported multiple compliance deviations for the financial year ended March 31, 2026, including delays in publishing financial results and submitting regulatory filings. The company incurred penalties amounting to ₹3.92 lakh due to these lapses, particularly concerning minimum public shareholding norms and timely disclosures. The secretarial audit, conducted by MR & Associates, highlighted that while the entity largely adhered to regulations, specific procedural delays resulted in regulatory action and fines.

The report identified a delay in achieving the minimum public shareholding of 10%, which had a due date of April 15, 2025. Consequently, the National Stock Exchange (NSE) and BSE initiated freezing actions against the promoters and imposed a fine of ₹3,90,000 each. The company stated that the 10% threshold was achieved during the financial year and that it is continuing its offer for sale process to reach the mandated 25% public shareholding within the stipulated time frame.

Procedural Delays and Filings

Twamev Construction acknowledged minor delays in publishing newspaper advertisements for financial results for the quarters ended March 2025 and December 2025. Additionally, there was a time lag in submitting Integrated Filing in XBRL mode for the quarters ended March 2025, June 2025, and September 2025 due to technical constraints. The company confirmed that while consolidated financial results were submitted in PDF format on time, the XBRL submissions faced delays.

Other lapses included the non-intimation of the appointment of Senior Management Personnel Mr. Biswajit Chakraborty following the board meeting on November 12, 2025, and the subsequent failure to file this in XBRL mode. The company also faced a fine of ₹2,000 each from BSE and NSE for the non-submission of the Annual Report for FY25 to the stock exchanges within the prescribed period, despite dispatching it to shareholders on September 1, 2025.

Compliance Status and Remedial Actions

The auditor noted that the company had updated the list of immediate relatives for trading restrictions later than required under SEBI (Prohibition of Insider Trading) Regulations. However, it was confirmed that no trading occurred by these relatives during the closure of the trading window. Management attributed the deviations to inadvertent administrative errors and technical issues, assuring that internal controls and compliance tracking mechanisms have been strengthened to prevent recurrence.

Twamev Construction & Infrastructure has received a Letter of Acceptance from The Steel Authority of India Limited for the construction of “Re-building of Employees Quarter at ISP Township in Phase-1” of SAIL-ISP Burnpur, IISCO Steel Plant. The contract has been awarded at a total price of ₹19,04,65,887.63, including GST.

Contract Details

The project involves the rebuilding of employee quarters at the ISP Township. According to the terms of the agreement, the entire job must be executed in accordance with the conditions stipulated in the referred tender. The completion timeline for the project is set at 12 months from the effective date of the contract. The effective date is defined as the date of signing the contract or 30 days from the date of the Letter of Acceptance, whichever occurs earlier.

Financial and Security Requirements

As part of the contract conditions, Twamev Construction and Infrastructure Limited is required to submit a Security Deposit of ₹95,23,295. This amount is equivalent to 5% of the contract value including GST. The deposit must be submitted within 20 days from the issuance of the Letter of Acceptance in the form of a Performance Bank Guarantee (PBG). The PBG must be issued by a Scheduled Bank, excluding co-operative banks, Gramin banks, and Catholic Syrian Bank.

The agreement specifies that a penalty of 0.2% of the original Security Deposit amount per completed day of delay will be applicable if the submission is delayed. This penalty is limited to an amount not exceeding 5% of the original Security Deposit amount. Payments for the executed portion of the order will commence only upon the submission of the requisite Security Deposit or Performance Guarantee.