Luxury Time Limited received a final compounding order dated September 21, 2026, from the Office of the Regional Director (Northern Region-I), Ministry of Corporate Affairs. The order addresses defaults under Section 129 of the Companies Act, 2013, regarding the non-preparation and filing of consolidated financial statements of its associate company.

The default spanned five fiscal years: FY20, FY21, FY22, FY23, and FY24. The Regional Director compounded the offence under Section 441 of the Companies Act, 2013. The order specifies that no compounding fee is payable by the company itself. Instead, the fee was borne by the applicant directors, Mr. Ashok Goel and Mr. Pawan Chohan.

Fee Payment and Compliance Details

The compounding fee of ₹1,00,000 for each year of default was paid by the directors on September 3, 2026. This amounts to a total payment covering the five-year period of non-compliance. The Regional Director’s order confirms that in view of this payment, the offence has been compounded in respect of the applicants.

The Registrar of Companies, Delhi-II (Central Delhi), reported that no complaints were pending against the company, no prosecution had been filed, and the offence had not been compounded in the preceding three years. Crucially, the omissions in the financial statements for the affected years were rectified in the financial statements for FY25.

What the Numbers Show

The resolution highlights a clear separation of liability between the corporate entity and its management. While the company faced regulatory scrutiny for five consecutive years of reporting gaps, the financial burden of ₹1,00,000 per year fell entirely on the directors, Mr. Goel and Mr. Pawan Chohan. This structure ensures that the company’s balance sheet remains unaffected by the penalty, as explicitly stated in the disclosure: "No compounding fee is payable by Luxury Time Limited." The rectification of these records in FY25 suggests a retrospective cleanup of compliance history, mitigating future regulatory risks related to historical data accuracy.

Next Steps

Pursuant to the directions contained in the order, the company must file Form INC-28 with the jurisdictional Registrar of Companies. The company stated it would take necessary steps to comply with these directions within the applicable timeline. The intimation was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Luxury Time Limited confirmed that its members approved the special resolution regarding the variation in terms of objects of the Initial Public Offer (IPO). The approval was secured through a postal ballot conducted via remote e-voting, with all valid votes cast in favor of the proposal.

The scrutinizer’s report, dated September 26, 2026, disclosed that 16 members voted in favor of the resolution, casting a total of 61,39,628 votes. This represented 100% of the total valid votes cast. No members voted against the resolution, and there were no invalid or abstained votes reported in the final tally.

Voting outcome details

The voting period remained open from August 27, 2026, to September 25, 2026. The results were submitted to BSE Limited pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had previously issued a postal ballot notice on August 26, 2026, seeking shareholder approval for changes to the utilization of IPO proceeds.

What the numbers show

The unanimous support from participating shareholders indicates strong alignment among those who exercised their voting rights regarding the proposed changes to the IPO objectives. With zero dissenting votes and no abstentions among the valid votes cast, the resolution passed with the requisite majority without any opposition recorded in the e-voting process.