Indigo Paints Limited, a publicly listed decorative paints manufacturer in India, has officially submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, in accordance with Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This submission has been filed with both BSE Limited and the National Stock Exchange of India Limited (NSE) and covers the company's adherence to prescribed statutory and regulatory frameworks.

The compliance report has been certified by Mr. Sushant Vikas Kulkarni, Partner at ARKS and Co. LLP, a Peer Reviewed firm of Practising Company Secretaries (Peer Review Certificate No. 1235/2021). The report provides a comprehensive analysis of the corporate governance practices and statutory compliance adopted by Indigo Paints throughout the reviewed financial year.

Key Aspects of the Filing

The compliance review was conducted with a thorough examination of:

• Books, records, and documents maintained by Indigo Paints Limited

• Filings and submissions made to stock exchanges

• The company’s website and published disclosures

• Information provided by company officers, agents, and representatives

The scope of the review focused on assessing compliance with the SEBI Act, 1992, Securities Contracts (Regulation) Act, 1956, and a series of specific SEBI Regulations applicable to listed companies.

List of Key Regulations Reviewed

The examination covered compliance with the following major regulatory frameworks:

• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 – applicable portions only

• SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

• SEBI (Prohibition of Insider Trading) Regulations, 2015

• SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993

• SEBI (Depositories and Participants) Regulations, 2018

Other regulations like Takeover Regulations, Buyback Regulations, Debt Securities Regulations, and Non-Convertible Securities Regulations were not applicable during the review period.

Observations and Findings

1. Statutory Compliance

The report confirms that Indigo Paints Limited has largely complied with the statutory provisions and SEBI’s regulatory guidelines for the entire FY 2024-25.

There were no recorded deviations, show cause notices, or monetary penalties during the review period.

2. Auditor Resignation and Appointment

While no statutory auditor resigned during the year under review, the company appointed M/s. Price Waterhouse Chartered Accountants LLP as the new statutory auditor for a five-year term starting from the conclusion of the 24th Annual General Meeting.

The compliance with SEBI’s auditor resignation circular (CIR/CFD/CMD1/114/2019 dated October 18, 2019) was confirmed to be not applicable, as there were no resignation instances during the year.

3. Secretarial Standards and Policy Maintenance

The company was found to be in full compliance with Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

Additionally, Indigo Paints maintained:

• A functional website with all regulatory disclosures posted under a separate section.

• Accurate and up-to-date policies aligned with SEBI's latest circulars and guidelines.

• Timely updates and dissemination of important documents as required.

4. Website and Disclosure Management

Indigo Paints ensured:

• Timely publication and visibility of regulatory documents and reports.

• All hyperlinks in the corporate governance section redirected to the correct web pages.

• Transparency in its annual corporate disclosures.

5. Director Disqualification Check

The review confirmed that none of the Directors were disqualified under Section 164 of the Companies Act, 2013, which indicates a clean governance record and competent management team.

6. Subsidiary Compliance

As of FY 2024-25, Apple Chemie India Private Limited became a subsidiary of Indigo Paints. However, the company did not have any material subsidiaries during the review period, so no further reporting on material subsidiaries was applicable.

Conclusion of the Secretarial Compliance Review

The Practising Company Secretary concluded that:

• Indigo Paints demonstrated robust compliance across all applicable statutory and regulatory areas.

• The company maintained strong governance policies, upheld disclosure norms, and showed full alignment with SEBI’s expectations.

• No instances of auditor resignation or regulatory lapses were recorded.

Implication for Shareholders and Stakeholders

The successful filing and positive outcome of the secretarial compliance report reinforce Indigo Paints’ corporate governance credibility. This compliance confirmation:

• Enhances investor confidence,

• Strengthens the company’s market standing, and

• Demonstrates its transparent and law-abiding operations.

Such rigorous compliance practices also serve as a benchmark for other mid-cap listed entities striving for higher governance standards.

Forward-Looking Statement

Indigo Paints’ commitment to corporate transparency, board independence, and proactive disclosures is evident through its spotless compliance record. As it continues to grow its footprint in the competitive decorative paints segment, adherence to SEBI regulations and stakeholder interests remains at the forefront of its corporate agenda.

The current filing builds trust with regulators and market participants, setting the tone for a strong and compliant financial year ahead.

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