We are hereby submitting the Annual Secretarial Compliance Report as issued by M/s V Kumar & Associates dated 29th May, 2025 for the year ended 31st March, 2025.
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Crystal Business System Limited has filed its Annual Secretarial Compliance Report for FY 2024-25, prepared by V Kumar & Associates, Practising Company Secretaries, dated 29th May 2025. The report confirms overall compliance with SEBI regulations covering secretarial standards, insider trading, related party transactions, and board policies. However, five past non-compliances were flagged: (1) non-submission of Statement on Impact of Audit Qualifications in XBRL format for FY ended March 2024 (rectified on 5th June 2025); (2) incomplete financial results under Regulation 33 for March 2024 quarter (rectified on 24th June 2024); (3) outdated website disclosures under Regulation 46; (4) delayed disclosure of a SEBI order under Regulation 30 beyond the 24-hour timeline; and (5) a 35-minute delay in disclosing the outcome of the Board Meeting held on 28th February 2025. Two SEBI Confirmatory Orders were also noted against the company in the matter of 'Stock Recommendations using YouTube' in the scrip of Sadhna Broadcast Limited, with investigations currently ongoing and the company having submitted its replies.
Investors should be cautious about the ongoing SEBI investigations related to YouTube-based stock recommendations in the company's scrip, along with multiple past compliance lapses in timely disclosures and filings. While the company has taken corrective steps and committed to strengthening internal controls, these issues point to weaker compliance discipline that could weigh on investor sentiment and pose regulatory risks going forward.