Please find the attached Intimation of Interim order received from Regional Director, Western Region-I, Mumbai
ZUARI · price
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Zuari Agro Chemicals has disclosed receiving an Interim Order from the Regional Director, Western Region-I, Ministry of Corporate Affairs, Mumbai, in connection with a compounding application filed under Section 441 of the Companies Act, 2013. The alleged non-compliance relates to Section 129 of the Companies Act, 2013 read with IND AS-36, specifically concerning impairment assessment and disclosure requirements for the company's investment in Mangalore Chemicals & Fertilizers Limited, covering FY 2019-20 to FY 2022-23. Executive directors, promoter directors, directors, KMPs (including former ones) were named in the application. A total compounding fee of Rs. 22.25 lakhs was levied on these individuals, though no compounding fee was imposed on the company itself. The company states there is no material impact on its financials, operations, or other activities.
The interim order pertains to historical accounting compliance (IND AS-36 impairment disclosure) for a past investment, with the penalty falling on individual directors rather than the company, limiting direct shareholder impact.