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Luxury Time Limited faces a Rs 1.00 lakh compounding fee per year for each director due to financial statement defaults
11-Aug-2026, 06:51
Luxury Time Limited has received a compounding order from the Office of the Regional Director (Northern Region-I) of the Ministry of Corporate Affairs related to non-preparation and filing of consolidated financial statements for its joint venture for the financial years 2019-20 through 2023-24. As a result of the order, a compounding fee of Rs 1,00,000 will be payable for each year of default for Chairman & Managing Director, Mr. Ashok Goel, and Whole-time Director, Mr. Pawan Chohan, within 30 days. The company itself will not be required to pay any compounding fee, and the order is not expected to have a material financial or operational impact.
Luxury Time Limited has received a compounding order from the Office of the Regional Director (Northern Region-I) of the Ministry of Corporate Affairs related to non-preparation and filing of consolidated financial statements for its joint venture for the financial years 2019-20 through 2023-24. As a result of the order, a compounding fee of Rs 1,00,000 will be payable for each year of default for Chairman & Managing Director, Mr. Ashok Goel, and Whole-time Director, Mr. Pawan Chohan, within 30 days. The company itself will not be required to pay any compounding fee, and the order is not expected to have a material financial or operational impact.