Luxury Time board approves revised CSR policy framework

The Board of Directors of Luxury Time approved the revised Corporate Social Responsibility (CSR) Policy during its meeting held on August 14, 2026. The update aligns the company’s social initiatives with the latest provisions of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy aims to create sustainable social value through inclusive growth, environmental responsibility, and community development.

Governance and Implementation

The revised policy defines a clear governance framework comprising the Board of Directors and a dedicated CSR Committee. The Board retains overall responsibility for ensuring statutory compliance and approving the Annual Action Plan. The CSR Committee assists in formulating the policy, identifying projects, monitoring progress, and reviewing fund utilization.

Key governance responsibilities include:

Formulating and recommending the CSR Policy and Annual Action Plan to the Board.
Identifying eligible implementing agencies for project execution.
Monitoring the implementation status and financial utilization of approved projects.
Recommending modifications to the Annual Action Plan based on reasonable justification.

Focus Areas and Expenditure

Luxury Time will undertake CSR activities in areas specified under Schedule VII of the Companies Act, 2013. The primary focus areas include eradicating hunger and poverty, promoting education and vocational skills, ensuring gender equality, and supporting environmental sustainability. The company may also contribute to disaster management, rural development, and sports promotion.

Parameter	Detail
Mandatory Expenditure	At least 2% of average net profits of preceding three financial years
Administrative Overheads	Limited to prescribed caps under CSR Rules
Unspent Amounts	Transferred or utilized as per Section 135 timelines
Capital Assets	Held by persons/entities specified under Rule 7(4)

The company must spend at least 2% of its average net profits from the three immediately preceding financial years on approved CSR activities. Administrative overheads are capped at limits prescribed by the CSR Rules, while expenses directly attributable to specific projects are excluded from this overhead calculation.

Project Identification and Monitoring

Projects will be identified based on community needs, expected social impact, and resource availability. Preference is given to local areas around the company’s operations, though activities can be undertaken anywhere in India. Implementation can occur directly by the company, through eligible registered agencies, or in collaboration with other companies where permitted.

The policy mandates periodic monitoring of project progress and fund utilization. Where applicable under the CSR Rules, an independent agency will conduct impact assessments of eligible projects. Any surplus arising from CSR activities will not form part of business profits but will be utilized solely for further CSR purposes. The full text of the revised policy has been uploaded to the company’s website for stakeholder reference.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.48%	-1.59%	-6.20%	-13.07%	-62.10%	-62.10%

Luxury Time Limited has sought shareholder approval for a significant variation in the utilisation of its Initial Public Offering (IPO) proceeds, shifting capital allocation towards strategic investments and direct retail expansion. The Board of Directors, in a meeting held on August 14, 2026, approved the proposal to be put forward to members via special resolution through postal ballot.

The company plans to deploy the available IPO proceeds by March 31, 2028, subject to regulatory approvals. The revised object of utilisation marks a departure from the original prospectus, which primarily earmarked funds for working capital requirements.

Proposed Variation in IPO Proceeds

The total proposed deployment stands at ₹1,332 lakh, a marginal increase from the ₹1,325.13 lakh originally outlined in the prospectus. As of June 30, 2026, no amount from the IPO proceeds had been utilised.

Particulars	Amount as per Prospectus (₹ lakh)	Proposed Revised Object	Proposed Amount (₹ lakh)
New Retail Stores	281.76	Setting up and operating four stores directly under Luxury Time Limited	300.00
Working Capital	900.00	Strategic investments or acquisitions through subsidiaries, associates or joint ventures	1,000.00
General Corporate Purposes	143.37	General Corporate Purposes – balance amount	32.00
Total	1,325.13	Total Proposed Deployment	1,332.00

The shift reallocates the bulk of the working capital provision towards strategic growth opportunities, including acquisitions through wholly owned subsidiaries, associate companies, or joint venture companies. This structural change aims to provide greater flexibility for expansion beyond organic working capital needs.

Auditor Change and Governance Updates

The Board also addressed changes in the company’s audit and governance framework. It took note of the resignation of M/s S A R N U M & Co. LLP as Statutory Auditors, effective July 25, 2026. Based on the Audit Committee’s recommendation, the Board appointed M/s S A H A S & Associates, Chartered Accountants, to fill the casual vacancy. The appointment is effective from August 14, 2026, and will hold office until the conclusion of the ensuing general meeting, subject to shareholder approval.

Additionally, the Board re-appointed M/s Nilesh A. Pradhan & Co., LLP, as Secretarial Auditors and M/s Anil Singhal and Associates, Chartered Accountants, as Internal Auditors for the Financial Year 2026-27.

Annual General Meeting

The company scheduled its 18th Annual General Meeting (AGM) for Monday, September 21, 2026, at 3:00 pm at Hotel City Park in New Delhi. Mr. Pawan Chohan, who retires by rotation, has offered himself for re-appointment as a Director at the ensuing AGM. National Securities Depository Limited (NSDL) will facilitate remote e-voting for the AGM and the postal ballot process.