Luxury Time Ltd: Final Compounding Order Received, No Fee for Company

Luxury Time Ltd has received a final compounding order from the Ministry of Corporate Affairs regarding a default under Section 129 of the Companies Act, 2013. The default pertains to the non-preparation and filing of consolidated financial statements for its associate company for the financial years 2019-20 to 2023-24. The applicant directors, Mr. Ashok Goel and Mr. Pawan Chohan, have paid a compounding fee of ₹1,00,000 per year for each of them. Importantly, no compounding fee is payable by Luxury Time Ltd itself. The company is directed to file Form INC-28 with the Registrar of Companies and will take necessary steps for compliance within the stipulated timeline. This order resolves the offense for the applicants.