Stanley Lifestyles Limited has informed the Exchange about General Updates
STANLEY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Stanley Lifestyles has received an adjudication order from the Registrar of Companies (RoC), Karnataka for violations of Section 188(2) of the Companies Act, 2013, dated March 31, 2025. The issue relates to related party transactions during FY 2018-19 to FY 2020-21, where the company continued to rely on earlier board approvals without obtaining fresh annual omnibus approvals from the Audit Committee. A penalty of ₹25 lakh each has been imposed on Managing Director Mr. Sunil Suresh and Whole Time Director Mrs. Shubha Sunil. The company had previously disclosed similar adjudication orders for violations under Sections 118 and 134, and one order under Section 129 is still pending. The directors intend to appeal the order, and the company states this will not have a material impact on operations.
The penalty is relatively small (₹50 lakh total on two directors personally) and the company says it will not materially affect operations. However, the ongoing regulatory scrutiny over past related party transactions may create minor governance concerns for investors.