Luxury Time compounding order: Directors pay fees, no fee payable by company
Luxury Time disclosed a final compounding order covering five financial years, with fees paid by two directors and no compounding fee due from the company.
Luxury Time compounding order details disclosed in a BSE filing dated October 5, 2026 show that two directors have paid the prescribed fees for defaults concerning joint venture consolidated financial statements. Luxury Time Ltd said no compounding fee is payable by the company under the final order.
The Office of the Regional Director (Northern Region-I), Ministry of Corporate Affairs, passed the final order on September 21, 2026, under Section 441 of the Companies Act, 2013. The company received it on September 25, 2026.
The matter concerns non-compliance with Section 129 of the Companies Act relating to non-preparation and filing of consolidated financial statements of the company's joint venture for FY2019-20 through FY2023-24. The compounding application covered Luxury Time Limited, Chairman and Managing Director Ashok Goel, and Whole-time Director Pawan Chohan.
Directors paid prescribed compounding fees
The order specifies a compounding fee of ₹1 lakh for each year of default for each director. According to the filing, Ashok Goel and Pawan Chohan paid the fees on September 3, 2026.
- The final order records that the offence has been compounded in respect of the applicants following payment.
- No compounding fee has been imposed upon or is payable by Luxury Time Limited.
- The company reported no financial impact in respect of the compounding fee and no material impact on operations or other activities.
The order also directs the filing of Form INC-28 with the jurisdictional Registrar of Companies. Luxury Time said it would take the necessary steps within the applicable timeline.
Filing explains disclosure chronology
The disclosure follows the company's August 11, 2026 intimation concerning an earlier compounding order dated August 6, 2026.
In its clarification, Luxury Time said it reviewed the final order and its directions after receipt on September 25. It identified September 26 and 27 as non-working days and stated that a further disclosure was submitted on September 28, 2026.
The October 5 filing also notes an observation from the exchange. The company said it had taken note of that observation and would adhere to applicable disclosure requirements and timelines under the SEBI Listing Regulations.