Luxury Time Ltd Directors Fined ₹10 Lakhs for Financial Statement Default

Luxury Time Ltd has received an interim order under Section 441 of the Companies Act, 2013, from the Regional Director (Northern Region-I), Ministry of Corporate Affairs. The order pertains to the non-preparation and filing of consolidated financial statements for its Joint Venture for the financial years 2019-20 to 2023-24. Consequently, Mr. Ashok Goel, Chairman & Managing Director, and Mr. Pawan Chohan, Whole-time Director, have each been fined ₹1,00,000/- per year of default, totaling ₹10,00,000/- for each director. The company itself has not incurred any compounding fee or penalty. The directors are required to pay the compounding fee within 30 days. The company will take necessary steps for compliance.