Submission of Annual Secretarial Compliance Report for the Financial year ended 31st March 2025
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Cressanda Railway Solutions Ltd filed its Annual Secretarial Compliance Report for FY25. The report flagged one compliance lapse: a 37-day delay in submitting audited financial results for the year ended March 31, 2024 (filed on July 2, 2024 instead of the May 30, 2024 deadline), for which the company paid a penalty of Rs. 2,30,000 (excluding GST). The report also disclosed a serious SEBI order dated October 11, 2024, in which the regulator barred the company and all ten promoters from the securities market over alleged fictitious business transactions, revenue inflation, and misuse of a Rs. 66.44 crore preferential warrant issue; the company has filed an appeal before SAT, which has granted a stay. Additionally, statutory auditor M/s Agrawal Jain & Gupta resigned on August 14, 2024 citing disagreement with management over a qualified opinion, and M/s H Rajen & Co. was appointed in their place. Cressanda Retail Solutions Pvt Ltd (formerly Cressanda Food Solution Pvt Ltd) was classified as a material subsidiary.
This is a materially negative filing for shareholders — the report itself confirms an active SEBI fraud investigation, a market-access ban on the company and promoters, and a change of auditor due to accounting disagreements. While the SAT stay provides temporary relief, the stock carries significant regulatory and governance risk until the matter is resolved.