Annual Secretarial Compliance Report for the year ended March 31, 2025
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Krystal Integrated Services has submitted its Annual Secretarial Compliance Report for FY 2024-25, prepared by Practicing Company Secretary Kajal Jakharia & Associates. The report flagged five non-compliance instances during the year: two delayed uploads of board meeting outcomes to NSE (33 minutes late on May 27, 2024 and 4 minutes late on October 23, 2024) due to portal/connectivity issues; an improper Audit Committee composition from May 10 to May 15, 2024 following the sudden resignation of the chairman; an Audit Committee meeting on May 13, 2024 attended by only one independent director instead of the required two, which led to an NSE Warning Letter in February 2025; and late submission of FY24 financial results in machine-readable format (rectified within two days). The company also received an NSE Caution Letter in October 2024 for non-compliance with Structured Digital Database (SDD) requirements under insider trading rules, which was subsequently rectified from June 20, 2024. Statutory auditor M/s T R Chadha & Co LLP resigned in August 2024 and was replaced by M/s Maheshwari & Co. The report also references a Rs. 1,062.99 million contract awarded by the Brihanmumbai Municipal Corporation (BMC).
No monetary fines were imposed; the non-compliances were mostly minor procedural delays and have largely been addressed, with the NSE Warning Letter for the Audit Committee quorum issue being the most material regulatory action. Overall compliance posture has improved compared to the prior year, and investors may take note of the BMC contract win referenced in the report.