Show Cause Notice received from RoC, Tamilnadu, Coimbatore
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Awaiting price reaction for this filing.
Velan Hotels has received a Show Cause Notice for E-Adjudication from the Registrar of Companies (RoC), Tamilnadu, Coimbatore, under Section 454 of the Companies Act, 2013. The notice pertains to a 30-day delay in filing e-Form MGT-15 for the Annual General Meeting held on 29 September 2022 (for FY 2021-22), which is a contravention of Section 121(3) of the Companies Act. The notice has also been served on the company's Directors including the Managing Director, Executive Director, CFO, and Company Secretary. The potential penalty is Rs. 1,15,000 on the company and Rs. 40,000 each on the officers-in-default. The company has stated it will file an appropriate response within the prescribed timelines in an attempt to avoid paying the penalty.
This is a minor procedural compliance matter involving a small potential penalty and is unlikely to have any material impact on the company's financials, operations, or share price. The matter is administrative in nature and the company is contesting it.