Luxury Time Limited concluded its 18th Annual General Meeting on September 21, 2026, with shareholders approving the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The meeting was held at Hotel City Park in New Delhi and presided over by Chairman & Managing Director Ashok Goel. Independent Director Sonali Aggarwal was absent due to personal reasons. All other directors were present.

Key Resolutions Passed

Shareholders transacted business through remote e-voting facilitated by National Securities Depository Limited (NSDL) and ballot papers at the venue. The voting period ran from September 18 to September 20, 2026. No proxies were received.

The following ordinary resolutions were approved:

• Adoption of audited standalone and consolidated financial statements for FY26 along with the Board of Directors’ Report and Auditors’ Report.
• Reappointment of Mr. Pawan Chohan (DIN: 00070461) as a director retiring by rotation under Section 152(6) of the Companies Act, 2013.
• Appointment of M/s S A H A S & Associates, Chartered Accountants (FRN: 025389N), as Statutory Auditors to fill the casual vacancy left by the resignation of M/s S A R N U M & Co. LLP, pursuant to Section 139(8) of the Companies Act, 2013.

Compliance and Audit Details

The Company Secretary confirmed that the Statutory Auditors’ Reports for FY26 contained no qualifications, reservations, adverse remarks, or disclaimers. The Secretarial Audit Report, included as Annexure D in the Annual Report, noted certain observations accompanied by management comments.

Mr. Shoorveer Singh, Partner at M/s KPS & Co., Chartered Accountants, served as the Scrutinizer for the voting process. The final voting results will be submitted to the stock exchange and published on the company’s website and NSDL portal as per regulatory timelines.

Luxury Time Limited has initiated a postal ballot to seek shareholder approval for a variation in the objects of its Initial Public Offering (IPO). The company aims to redirect net offer proceeds toward strategic investments and direct retail expansion.

The remote e-voting process is scheduled to commence on August 27, 2026, at 9:00 am and conclude on September 25, 2026, at 5:00 pm. Shareholders holding securities as on the cut-off date of August 21, 2026, are eligible to vote. The results will be declared on or before September 28, 2026.

Proposed Variation in IPO Objects

The company proposes to utilize approximately ₹1,332.00 lakh (₹13.32 crore) from the IPO proceeds. This amount represents the total available funds, which include the original net offer proceeds of ₹1,325.13 lakh plus additional funds arising from lower-than-estimated issue expenses and reimbursements from promoter selling shareholders.

As per the Monitoring Agency Report for the quarter ended June 30, 2026, no amount had been utilized towards the original objects. The proposed revised allocation shifts focus from working capital to strategic growth initiatives.

Strategic Rationale and Implementation

The board cites commercial flexibility as the primary driver for this variation. While maintaining its existing wholesale relationship with TAG Heuer (part of the LVMH Group), the company notes that prospective brands may prefer operating through separate entities. Establishing wholly owned subsidiaries, associate companies, or joint ventures allows for ring-fenced governance, brand-specific confidentiality, and dedicated management structures.

Approximately ₹300.00 lakh is allocated for setting up four retail stores directly under Luxury Time Limited. This includes roughly ₹100.00 lakh for capital expenditure such as fit-outs and infrastructure, and ₹200.00 lakh for pre-opening and operating expenses including lease rentals and staffing.

The remaining ₹1,000.00 lakh is designated for strategic investments or acquisitions. These transactions may involve incorporating new entities, subscribing to equity, or acquiring businesses that will become wholly owned subsidiaries, associates, or joint ventures. The deployment aims to expand the company’s portfolio in luxury watch retail, distribution, and after-sales services.

What the Numbers Show

The complete reallocation of unutilized IPO proceeds signals a pivot from organic working capital support to inorganic growth via M&A and structured retail expansion. With zero utilization reported as of June 30, 2026, the entire corpus remains available for immediate deployment towards these revised objectives by March 31, 2028.

Regulatory Compliance and Exit Offer

The special resolution requires approval under Sections 13(8) and 27 of the Companies Act, 2013, and relevant SEBI regulations. If an exit offer becomes applicable under Section 27(2) of the Act or SEBI ICDR Regulations, promoters Mr. Ashok Goel and Mr. Pawan Chohan have been authorized to provide the same to dissenting shareholders.

M/s KPS & Co., Chartered Accountants, has been appointed as the scrutinizer for the postal ballot process. The unutilized proceeds will continue to be held in the monitoring account or invested in fixed deposits pending deployment.