Quadrant Future Tek Limited has received an order from the Regional Director, Northern Region, regarding penalties imposed for private placement compliance violations under the Companies Act, 2013. The order, dated January 30, 2026 and received by the company on February 27, 2026, addresses violations that occurred during the financial year 2016-17.

Background of the Violation

The compliance issue originated when the company raised funds during fiscal 2016-17 by issuing equity shares to promoters through preferential allotment via private placement under Section 62(1)(c) read with Section 42 of the Companies Act, 2013. The company failed to meet the procedural requirement of opening a separate bank account for receipt of share application money and its utilization prior to the allotment of equity shares, leading to non-compliance under Section 42.

To regularize this non-compliance, the company proactively filed an adjudication application before the Registrar of Companies (ROC) under Section 454 read with Section 42 of the Companies Act, 2013.

Regional Director's Decision

The Regional Director's order addressed the company's appeal against the ROC's adjudication order dated August 8, 2024. The decision resulted in a mixed outcome for the company:

Financial Impact and Compliance Details

The upheld penalty under Section 42(6) aggregates to Rs 30 Lakhs on the company and Rs 6 Lakhs on each promoter, subject to confirmation of the exact quantum from ROC post submission of the Regional Director's order. The company has clarified that there is no material effect on its operations due to this penalty.

Regulatory Disclosure

The disclosure has been made under Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had previously disclosed this matter in its prospectus on page 45, referencing the original ROC adjudication order dated August 8, 2024.

The penalty relates specifically to private placement procedural compliances under Section 42 of the Companies Act, 2013, emphasizing the importance of adhering to prescribed procedures for fund-raising activities through private placements.

Quadrant Future Tek Limited has announced the successful completion of its postal ballot process, with shareholders overwhelmingly approving the withdrawal of ₹8.57 crores from the IPO monitoring account. The company disclosed the voting results on February 14, 2026, following the conclusion of the e-voting period on February 13, 2026.

Voting Results and Approval

The special resolution for the withdrawal proposal received strong shareholder support, with the voting results demonstrating clear approval from the investor community.

E-Voting Process Details

The remote e-voting process was conducted in accordance with the Companies Act, 2013 and SEBI regulations. The voting period remained open from January 15, 2026 at 9:00 AM to February 13, 2026 at 5:00 PM. Members whose names appeared in the register as of the cut-off date of January 9, 2026 were eligible to participate in the voting process.

The postal ballot notice was distributed on January 10, 2026, with the voting conducted entirely through electronic means via Central Depository Services (India) Limited (CDSL). The votes were unblocked on February 13, 2026 at 5:10 PM in the presence of two independent witnesses.

Purpose and Compliance

The approved withdrawal of ₹8.57 crores from the IPO monitoring account is specifically designated for reimbursement of issue-related expenses. This action required shareholder approval through a special resolution as mandated by regulatory requirements.

Company Secretary Puneet Khurana confirmed that the voting results and scrutinizer's report have been uploaded on the company's website and the e-voting agency's portal. The documentation includes comprehensive voting details in the format prescribed under Regulation 44(3) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Scrutinizer Confirmation

CS Girish Madan, the appointed scrutinizer, certified that the remote e-voting process was conducted in a fair and transparent manner. The scrutinizer's report confirmed that all procedural requirements were met and the requisite majority was achieved for the special resolution. The scrutinizer maintains custody of all relevant records and documents related to the voting process until the formal completion of the postal ballot minutes.