Visagar Financial Services Limited, listed on the Bombay Stock Exchange under Scrip Code 531025, has officially announced the appointment of CS Pushparaj Kumar Gupta as the Company Secretary and Compliance Officer of the Company. The decision was made during the Board Meeting held on January 1, 2024, and the appointment comes in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reason for Appointment

The appointment was made following a recommendation from the Nomination & Remuneration Committee to strengthen the company’s corporate governance and compliance structure. As per the official communication dated April 24, 2025, the intimation was delayed due to an internal procedural oversight during a period of organizational realignment. The company acknowledged this delay and clarified that it was not intentional, attributing it to a lapse during administrative restructuring.

Corrective Actions Taken

In its filing to the exchange, the company has affirmed that corrective measures have been initiated to prevent recurrence of such delays in regulatory communications. The new compliance protocols include reinforcement of internal checks and streamlining of responsibilities to ensure timely and accurate filings in accordance with SEBI norms.

Profile of the Appointee

CS Pushparaj Kumar Gupta, an Associate Member of the Institute of Company Secretaries of India (ICSI) with Membership Number A63017, brings with him a strong academic and professional background. His experience spans across Companies Act, 2013, SEBI regulations, and other corporate legal compliances, making him a valuable asset for the company’s leadership team. His expertise in navigating complex regulatory frameworks will support Visagar in maintaining sound corporate governance.

Disclosure Details as per SEBI Circular

As required under SEBI Circular No. CIR/CFO/CMD/4/2015 dated September 9, 2015 and Master Circular SEBI/HO/CFD/CFD-PoD2/CIR/P/0155 dated November 11, 2024, the following disclosures were made:

• Name of Appointee: CS Pushparaj Kumar Gupta

• Reason for Change: Appointment as Company Secretary and Compliance Officer

• Date of Appointment: January 1, 2024

• Brief Profile: Associate Member of ICSI; experienced in company law, listing regulations, and corporate governance

• Relationship with Directors: Not Applicable

Regulatory Reconciliation

The delayed filing had earlier prompted a query from the stock exchange regarding non-compliance with the 12-hour disclosure window mandated under Schedule III of SEBI (LODR). This revised disclosure now meets the compliance requirements and formally addresses the discrepancy.

Company’s Statement

Tilokchand Kothari, Director of Visagar Financial Services Limited, expressed regret over the delay and assured shareholders and regulators that the company is committed to upholding the highest standards of transparency and compliance. The appointment of Mr. Gupta is a step forward in that direction.

Conclusion

This development signals a strengthening of Visagar’s governance infrastructure, aiming to improve investor confidence and regulatory alignment. With CS Pushparaj Kumar Gupta now at the compliance helm, Visagar is poised to ensure better regulatory responsiveness and streamlined legal processes.

The company has reaffirmed its commitment to good governance, and this appointment is expected to further bolster internal controls and SEBI compliance in future operations.

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