This has reference to our intimation dated 7th August 2025 about the Board Meeting to be held on 13th August 2025. In this regard, we wish to inform that the Board met today and approved: 1. ....
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Cranes Software International's Board approved the unaudited Q1 FY26 (quarter ended 30th June 2025) standalone and consolidated results. Standalone operations had zero revenue with a net loss of Rs. 487.55 lakhs, while consolidated net sales fell sharply to Rs. 125.76 lakhs from Rs. 207.70 lakhs a year ago, with a consolidated net loss of Rs. 172.53 lakhs. The statutory auditor (Chaturvedi Sohan & Co) issued a qualified conclusion, flagging massive unresolved issues: the company and its promoters have been declared 'wilful defaulters' by Bank of India, a CBI chargesheet was filed in October 2023, a winding-up petition is pending before the Karnataka High Court, FCCB redemptions of Rs. 29,085 lakhs are overdue since 2011, and bank loans of Rs. 39,006 lakhs have been non-performing since 2009. Reserves stand deeply negative at Rs. (82,653.84) lakhs. The auditor also noted that statutory dues remain unpaid, fair-value adjustments on investments were not made, and the company has not complied with RBI guidelines since March 2011.
This is a deeply distressed company with effectively no operating revenue, massive accumulated losses, ongoing criminal proceedings (CBI), a winding-up petition, and wilful defaulter status. Despite these red flags, the auditor signed off on a 'going concern' basis, which is a major concern for shareholders. The stock remains extremely high-risk with little near-term recovery visibility.