Luxury Time Limited received a compounding order dated August 06, 2026, from the Office of the Regional Director (Northern Region-I), Ministry of Corporate Affairs (MCA), addressing regulatory defaults in financial reporting. The order imposes compounding fees on key executives for failing to prepare and file consolidated financial statements of its joint venture across five financial years. The company notified the BSE of this development on August 11, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The compounding order targets specific individuals rather than the corporate entity. Chairman & Managing Director Ashok Goel and Whole-time Director Pawan Chohan have been directed to pay a compounding fee of ₹1,00,000 for each year of default. The violations span financial years 2019-20, 2020-21, 2021-22, 2022-23, and 2023-24. No fine, penalty, or compounding fee has been imposed upon Luxury Time Limited itself. The payment is required within 30 days from the date of the order.

Regulatory Details

The default stems from non-compliance with Section 129 of the Companies Act, 2013, which mandates that financial statements give a true and fair view of the state of affairs and comply with accounting standards. The MCA classified the act as unintentional. The company filed a suo-moto application for compounding under Section 441 of the Companies Act, 2013. The Registrar of Companies submitted its report on July 16, 2026, preceding the final order.

Compliance Status

The company has rectified the omissions in the financial statements for the affected years within the financial statements for FY25. The MCA noted no similar offenses compounded in the last three years and confirmed the act was not prejudicial to the interests of members or public interest. The order carries Company Application No. RDNR/LUXURY/COMP/441/2026/AC6832551.

What the Numbers Show

The imposition of fees solely on individual directors while exempting the company suggests the regulator viewed the failure as an oversight in governance execution rather than a systemic corporate fraud or insolvency risk. The rectification of data in FY25 filings indicates the underlying financial information exists but was not timely consolidated, mitigating long-term operational impact despite the procedural breach.

Luxury Time Ltd has informed BSE of a scheduled Board of Directors meeting on Friday, August 14, 2026, pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting will deliberate on a broad set of corporate governance and administrative matters, including auditor changes, director re-appointment, IPO fund utilisation, and Annual General Meeting (AGM) planning.

Key Agenda Items

The board meeting covers a wide range of significant corporate actions. The following table summarises the primary agenda items scheduled for consideration:

Auditor Transition

A notable item on the agenda is the change in statutory auditors. The board will take note of the resignation of M/s S A R N U M & Co. LLP, Chartered Accountants as the Statutory Auditors of the company. In their place, the board will consider the appointment of M/s S A H A S & Associates, Chartered Accountants to fill the casual vacancy arising from the resignation. This appointment will be subject to the approval of the members of the company at the ensuing Annual General Meeting.

IPO Proceeds Utilisation Variation

Another significant agenda item involves a proposal for variation in the objects of utilisation of proceeds raised through the company's Initial Public Offer (IPO). This proposal will require approval from the members by way of a Special Resolution through Postal Ballot. The board will also consider and approve the Postal Ballot Notice, along with the Explanatory Statement, calendar of events, and other related matters in connection therewith.

AGM and Governance Preparations

The board will fix the date, time, and venue of the ensuing Annual General Meeting and approve the Notice convening the same. Additionally, the board will appoint a Scrutinizer for both the AGM and the Postal Ballot, and will designate National Securities Depository Limited (NSDL) as the e-voting agency for these proceedings. An amendment to the company's Whistle Blower Policy is also on the agenda for consideration and approval.

The meeting notice was signed by Ashok Goel, Chairman & Managing Director (DIN: 00783117), and submitted to BSE on August 05, 2026. Luxury Time Ltd is registered at 713, Pearls Omaxe Building, Tower-2, Netaji Subhash Place, New Delhi – 110034.