Cressanda Railway Solutions Ltd — Updates, 30-05-2025: Company Update

Cressanda Railway Solutions Limited faced a delay of 37 days in submitting its audited financial results for the year ended March 31, 2024, resulting in a penalty of Rs. 2.3 lakh paid to the stock exchange. The company underwent an SEBI investigation due to suspicious activities, including sudden revenue surges, promoter shareholding drops, and fictitious transactions linked to inflated revenue and circular trading. SEBI barred promoters and the company from the securities market, but the company has obtained a stay order from SAT. Statutory auditors M/s Agrawal Jain & Gupta resigned over disagreements on qualified opinions related to financial statements. M/s H Rajen & Co. were appointed as new auditors and have since issued limited review reports for subsequent periods. The company complies with related party approvals, maintains required disclosures, and has no disqualified directors.