Disclosure Under Regulation 30 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 read with Clause-20 of Para A of part A of Schedule - III
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Airfloa Rail Technology has received an adjudication order from the Registrar of Companies, Chennai, for delay in transferring unspent CSR (Corporate Social Responsibility) funds under Section 135(5) and (6) of the Companies Act, 2013, related to financial year 2019-20. A penalty of Rs. 17,27,343 has been imposed on the company, along with Rs. 1,72,734 each on two directors (Dakshinamoorthy Venkatesan and Dakshna Moorthy Manikandan) as officers in default. The company had itself filed the suo moto adjudication application earlier and has already belatedly transferred the unspent CSR amount to the PM's National Relief Fund. The company plans to appeal the order before the Regional Director within the permissible timeline, arguing the maximum penalty is unjustified.
The penalty of Rs. 17.27 lakh on the company is relatively small and pertains to an old compliance issue already rectified, so the direct financial impact on shareholders is limited. However, the ongoing appeal and any final outcome could marginally affect profitability if the penalty is not reduced.