The Annual Secretarial Compliance Report as received from the Secretarial Auditor Mehul Jain & Associates (FRN SR2025KR1012600) is attached herewith for your due reference.
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Cranes Software International Ltd submitted its Annual Secretarial Compliance Report for FY 2024-25, prepared by Mehul Jain & Associates, to BSE on 30 May 2025. The report flagged 12 instances of non-compliance with SEBI Listing Regulations, including delays in filing annual returns, quarterly and annual financial results, shareholding patterns, and board meeting intimations. The company also failed to maintain the required composition of independent directors on its board, audit committee, and nomination & remuneration committee. Total fines levied by BSE during the year amounted to approximately Rs 12.5 lakh, with the largest single fine of Rs 5.54 lakh for not having the required proportion of independent directors on the board for two quarters. Several of these issues, including delayed quarterly results, related party transaction disclosures, and board composition lapses, are recurring from FY 2023-24, indicating persistent weak compliance systems at the company.
For shareholders, this report raises governance red flags — repeated filing delays and board composition lapses suggest weak internal controls and oversight. While the monetary fines are small relative to company size, the pattern of non-compliance may attract further regulatory scrutiny from SEBI and could weigh on investor confidence.