Procal Electronics India Limited provides clarification regarding the delay in submitting a disclosure about the resignation of its Statutory Auditor to BSE Limited.
The company had previously submitted a corporate announcement to BSE Limited on 03rd July, 2026 (Acknowledgement No. 13470393) regarding the resignation of the Statutory Auditor. BSE Limited subsequently queried the company about the delay in submitting this disclosure.
The company clarifies that the delay occurred due to several factors:
- The company has been under suspension on BSE for a considerable period
- The company has been incurring losses over a prolonged duration
- Due to financial constraints and absence of adequate internal resources, the company has not appointed a full-time Company Secretary
- The company has not engaged dedicated professional compliance support
Owing to the absence of a dedicated compliance function and due to an inadvertent administrative lapse, the disclosure relating to the resignation of the Statutory Auditor could not be submitted within the timeline prescribed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company states that immediately upon noticing the lapse, it submitted the requisite disclosure to BSE Limited without any further delay. The company emphasizes that the delay was purely inadvertent and unintentional, with no intention to withhold material information from the Stock Exchange or investors.
The company regrets the delay and has taken note of the lapse. It is taking necessary steps to strengthen its internal compliance and monitoring mechanism to ensure timely compliance with all applicable statutory and regulatory requirements going forward.