Integrated Thermoplastics Limited Approves Q1 Results, Addresses BSE Compliance Notice

INTEGRATED THERMOPLASTICS , a manufacturer of pipes and related products, has recently held a board meeting to address several important matters, including the approval of its latest financial results and a compliance issue raised by the Bombay Stock Exchange (BSE).

Quarterly Financial Results Approved

The Board of Directors of Integrated Thermoplastics Limited convened on August 13 to review and approve the company's unaudited standalone financial results for the quarter ended June 30. The financial statements were reviewed by the Audit Committee before being presented to the Board for approval.

Limited Review Report

Along with the approval of the quarterly results, the Board also took note of the Limited Review Report on the standalone financial results. The report, prepared by the company's independent auditors, Grandhy & Co., Chartered Accountants, stated that based on their review, nothing has come to their attention that causes them to believe that the financial results do not present a true and fair view in accordance with applicable accounting standards and other recognized accounting practices.

Addressing BSE Compliance Notice

A significant portion of the board meeting was dedicated to addressing a notice received from the BSE regarding non-compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The compliance issue stemmed from an oversight in the submission of financial results for the quarter and year ended March 31.

Details of the Compliance Issue:

1. The company had initially submitted its financial results on May 29.
2. While submitting the results in XBRL mode, the company erroneously mentioned that the statutory auditors' report was non-qualified when it was actually qualified.
3. Upon receiving notice from BSE, the company filed revised results on June 13.
4. BSE imposed a penalty of Rs. 70,800.00 (including GST) for the non-compliance, which the company has paid.

Board's Response and Corrective Measures

The Board of Directors has taken the following steps to address the compliance issue and prevent future occurrences:

1. Instructed the Chief Financial Officer and Company Secretary to conduct a thorough review of documents before submission to exchanges.
2. Emphasized the need for exercising due care in future filings.
3. Noted that this was the first occurrence of such an error and stressed the importance of caution in future submissions.

Conclusion

The board meeting, which commenced at 4:30 PM (IST) and concluded at 5:00 PM (IST), addressed critical financial and compliance matters for Integrated Thermoplastics Limited. The company's proactive approach in addressing the BSE notice and implementing measures to prevent future compliance issues demonstrates its commitment to maintaining transparency and adhering to regulatory requirements.

Investors and stakeholders can expect more detailed information once the full financial results for the quarter ended June 30 are made public.