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Marinetrans India Ltd Exempts from SEBI Corporate Governance Compliance for Q4 2024
Team Finance Saathi
16/Jan/2025
What's covered under the Article:
- Marinetrans India Ltd announces non-applicability of corporate governance regulations for Q4 2024.
- The company confirms its exemption based on SME Exchange listing and financial criteria.
- Marinetrans India Ltd undertakes to comply with regulations when applicable in the future.
In an important regulatory update, Marinetrans India Limited (formerly Marinetrans India Private Limited) has confirmed that it is exempt from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ending December 31, 2024. This exemption applies specifically to corporate governance provisions outlined in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27, and other related clauses. The company has clarified this based on the criteria set forth in Regulation 15 of the SEBI Listing Regulations.
According to the regulations, companies that meet certain criteria can be exempted from adhering to the corporate governance provisions. Specifically, the exemption applies to companies with a paid-up equity share capital not exceeding ₹10 crore and a net worth not exceeding ₹25 crore as on the last day of the previous financial year. Additionally, companies that have listed their securities on the SME Exchange are eligible for this exemption. As Marinetrans India Ltd has listed its specified securities on the SME Exchange, it qualifies for this exemption, thus making compliance with corporate governance provisions for the quarter ending December 31, 2024 not mandatory.
The company has also made it clear that while these regulations do not apply to the current quarter, it remains committed to complying with these corporate governance requirements once they become applicable. Specifically, the company undertakes that should the regulations apply at a later date, it will ensure full compliance within six months from the date the provisions become applicable.
This update comes in the wake of the company’s continued growth and operations, and it highlights Marinetrans India Ltd's proactive approach to ensuring regulatory adherence. The exemption from submitting the Corporate Governance Report for the quarter ended 30th June 2024 is in line with the guidelines set out by SEBI for SME-listed companies.