A listed company is having an 'oops' moment after having made an exchange filing that has copy-pasted text from another company's filing.
It does not help that the 'copy-paste' company is in the business of visual effects.
Phantom Digital Effects, listed on National Stock Exchange's SME platform, was attempting to inform the exchange why it was not required to file the Annual Secretarial Compliance Report. Moneycontrol has written to the company and this article will be updated once the response comes in.
Since it is listed on this particular platform, the company is exempted from this requirement under the Listing Obligations and Disclosure Requirements (LODR) Regulations.
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However, Phantom's filing dated May 30 stated, "Considering the above facts, our Company, Supreme Power Equipment Limited (Scrip Symbol: SUPREMEPWR) being listed on SME platform of National Stock Exchange, hence, the compliance with obtaining and submission of Annual Secretarial Compliance Report under Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial year ended 31st March, 2024 shall not be applicable to the Company."
As seen below...
Supreme Power had made the same submission more than three weeks ago on May 7.
The mistake has not gone unnoticed, with people sharing the filing and having a good laugh.
Dr Prashant Mishra, who is described as a doctor and an analyst on his bio on X, shared the image with ROFL emojis on his Twitter handle. Comments under the post were brutal and some were sympathetic to the person who caused this goof up.
Fast resignation
On May 29, the company had informed the exchanges that a new chief financial officer (CFO) was taking charge on that day after the previous CFO sent in his resignation.
As the exchange filing dated May 29 informed, "Mr. Tamiz Selvan Dakshinamoorthy who was expected to join on April 26, 2024 has expressed his inability to join the company immediately due to personal reasons."
It added, " In the absence of certainty in his joining date and the critical nature of the position, the Board has decided to fill this vacancy."
The new CFO, Binu Joshua Sammanohar, is a relative of the company's Managing Director Bejoy Arputharaj and its whole-time director Synthia Moses, the filing informed.
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