Order for Adjudication of Penalty received from RoC, Tamilnadu, Coimbatore
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Velan Hotels has received an adjudication order from the Registrar of Companies (RoC), Tamilnadu, Coimbatore, under Section 454 of the Companies Act, 2013, for a 30-day delay in filing e-Form MGT-15 relating to the AGM held on September 29, 2022 for FY 2021-22. A penalty of Rs. 1,15,000 has been imposed on the company, and an additional Rs. 40,000 each on the Managing Director, Executive Director, and CFO as officers-in-default, taking the total to about Rs. 2,35,000. The company has confirmed there is no material financial or operational impact beyond this penalty amount. The management is evaluating the order to decide on any further course of action.
The penalty amount is small for a listed company and management has stated there is no material impact on financials or operations, so this is unlikely to move the stock meaningfully. However, it reflects a past compliance lapse in statutory filings under the Companies Act.