Ambika Cotton Mills Limited has informed the Exchange about Action(s) initiated or orders passed - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
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The Registrar of Companies (ROC), Coimbatore has levied a penalty of Rs. 1,02,000 on Ambika Cotton Mills and Rs. 78,000 in aggregate on three Key Managerial Personnel (Rs. 26,000 each), totaling Rs. 1,80,000. The penalty is for a 2-day delay in filing Form MGT-15, which is required under Section 121(3) of the Companies Act, 2013. The company states the delay was caused by technical glitches in the MCA portal, which were escalated in time, and that a Sunday was also incorrectly counted as a delay. The order is appealable before the Regional Director, Chennai, and the company has stated it will file an appeal within the statutory period. The company has confirmed there is no material impact on its financials, operations, or other activities.
The penalty amount is small relative to a listed company's operations and is unlikely to materially affect the stock. The company is appealing the order, so the final outcome remains pending and shareholders should monitor the appeal progress.