Date: 05.06.2026

Compliance Report Overview

LEEL Electricals Limited submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2023, prepared by M/s G Aakash & Associates, Company Secretaries. The report was submitted pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The XBRL filing of the same could not be made due to a technical error in validation.

Compliance Findings

The secretarial compliance examination covered various SEBI regulations including:

  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • SEBI (Prohibition of Insider Trading) Regulations, 2015
  • Other regulations where no events occurred during the year (SEBI (ICDR) Regulations, 2018; SEBI (Buyback) Regulations, 2018; SEBI (Share Based Employee Benefits) Regulations, 2022; SEBI (Debt Securities) Regulations, 2008; SEBI (Delisting) Regulations, 2016; SEBI (IPEF) Regulations, 2009; SEBI (Depository & Participants) Regulations, 2018)

Key compliance observations include:

  • The company complied with applicable Secretarial Standards issued by ICSI
  • All applicable SEBI policies were adopted, reviewed, and timely updated
  • The company maintains a functional website with timely dissemination of information
  • No directors were disqualified under Section 164 of Companies Act, 2013
  • The company maintains and preserves records as prescribed under SEBI Regulations
  • Performance evaluation of Board, Independent Directors and Committees was conducted
  • Prior approval of Audit Committee obtained for all related party transactions
  • All required disclosures under Regulation 30 with Schedule III were provided within time limits
  • Compliance with Regulation 3(5) & 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015
  • No action was taken against the company by SEBI or stock exchanges during the year
  • No additional non-compliance observed for any SEBI regulation/circular/guidance note

Insolvency Proceedings Context

The report provides important context regarding the company's corporate insolvency resolution process (CIRP):

  • CIRP was initiated on March 04, 2020, by NCLT Allahabad Bench on a petition filed by MKM Technologies Private Limited under Section 9 of IBC 2016
  • Mr. Arvind Mittal was appointed as Interim Resolution Professional (IRP)
  • Mr. Ganga Ram Agarwal was later appointed as Resolution Professional (RP) per NCLAT Order dated 21.12.2020
  • Liquidation proceedings were initiated against the company by NCLT Order dated 06.12.2021
  • The company was successfully sold as a going concern to Krishna Ventures Limited (KVL/Acquirer)
  • NCLT approved the sale implementation through order dated 21.03.2024
  • Liquidator issued Sale Certificate dated 12.06.2024 for sale of company as going concern

Management Transition

During the CIRP/Liquidation period (March 4th, 2020 to July 1st, 2024), the Resolution Professional/Liquidator was entrusted with the management of the company, and the powers of the Board of Directors stood suspended. The reconstituted Board is not considered responsible for fiduciary duties regarding the period prior to acquisition, in accordance with Section 32A of IBC 2016. Due to the CIRP, no records were available with the new management, and the company is in the process of implementing the Approved NCLT Order and undertaking compliance activities.

During the CIRP proceedings, provisions related to Regulation 17, 18, 19, 20 and 21 of SEBI LODR were not applicable to the company in accordance with Regulation 15(2A) and 15(2B).