Detailed Summary
Nature of the Query and Company's Response
This document is a formal clarification submitted by Diamond Power Infrastructure Limited to the Listing Department of the National Stock Exchange of India Limited (NSE) on June 22, 2026. It is in response to an email query received from the NSE on June 18, 2026, regarding the company's financial results submitted on May 26, 2026.
The specific query from the NSE was: "The Statement of Impact of Audit Qualifications in case of modified opinion(s)/ Declaration of unmodified opinion submitted is not in the format prescribed by SEBI__MD&CEO signature missing on SOI"
Company’s Clarification on the Discrepancy
In its response, the company provided a detailed explanation for the missing Managing Director (MD) or Chief Executive Officer (CEO) signature on the Statement on Impact (SOI) of Audit Qualifications:
- Reason for Vacancy: Mr. Samir Naik was appointed as the company's Chief Financial Officer (CFO) on May 28, 2025, and as a Whole-time Director on August 8, 2025. He resigned from both positions, effective May 25, 2026. His resignation was accepted by the board in its meeting held on May 26, 2026, consequently creating a vacancy in the office of the Whole-time Director on that date.
- Alternative Signatory: Citing SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, and Section 203 of the Companies Act, 2013, the company explained that due to this vacancy, the Statement on Impact of Audit Qualifications for the financial year ended March 31, 2026, was signed by Mr. Maheswar Sahu, the Chairman of the Board and the Chairman of the Audit Committee. The company asserted that this action was in compliance with Regulation 33(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Reference to Regulatory Compliance
The company's response heavily references specific SEBI regulations to justify its actions and outline its future compliance plan:
- Regulation 33(2)(b): Cited as the authority allowing the document to be signed by the Chairman in the absence of a Managing Director or Whole-time Director.
- Regulation 26A(1): The company acknowledges this regulation, which stipulates that a vacancy in the office of CEO, MD, or Whole-time Director must be filled at the earliest, and in any case, not later than three months from the date of the vacancy.
- The company confirmed it is actively searching for a suitable candidate and undertakes to fill this vacancy within this stipulated three-month timeframe to ensure full compliance.
Details of Financial Results Clarification
The document does not provide any clarification on the financial results themselves, their numbers, or any audit qualifications. The entire clarification is focused solely on the procedural aspect of the missing signature on the accompanying Statement of Impact.
Topic Tags: Regulatory Response, Compliance, Management Change, SEBI Listing Regulations, Board Resignation