Compounding order closed; directors paid fee, no impact on company
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Luxury Time received a final compounding order from the Ministry of Corporate Affairs (Regional Director, Northern Region-I) under Section 441 of the Companies Act, 2013 for not preparing and filing consolidated financial statements of its associate company for FY 2019-20 through 2023-24. Compounding fee of Rs 1 lakh per year of default was paid by two directors, Chairman and MD Ashok Goel and Whole-time Director Pawan Chohan. No fee is payable by the company. The omissions have been rectified in the FY 2024-25 financial statements. No material impact on operations.
Matter fully closed. No financial or operational impact on the company. Minor compliance lapse resolved.