Gujarat State Financial Corporation — Updates, 21-05-2025: Company Update

Gujarat State Financial Corporation has announced its Secretarial Compliance Report for FY 2024-25, reviewed by CS Ashish C Doshi of Spanj & Associates. The report confirms overall compliance with applicable SEBI regulations, though some non-compliances persist due to the Corporation being governed by the State Financial Corporations Act, 1951. Key issues include failure to appoint a woman director, improper constitution of Audit, NRC, and SRC committees, and quorum-related deficiencies, resulting in fines imposed by BSE. The Corporation has submitted detailed explanations and sought amendments to the SFC Act to align regulatory requirements. No penalties have been paid yet, and non-compliance is expected to continue until the Act is amended.