Zuari Agro: ₹74.7 Lakhs in Compounding Fees Levied
Zuari Agro Chemicals Ltd received five interim orders from the Regional Director, Mumbai, regarding compounding applications for alleged non-compliances under Section 166 of the Companies Act, 2013. These applications were filed under Section 441 of the Companies Act, 2013. The alleged violations relate to the acquisition of Mangalore Chemicals & Fertilizers Limited, impairment of assets/investment in Zuari Farmhub Limited, non-recovery of amount from Zuari Global Limited, slump sale agreement with Zuari Farmhub Limited, and write-off of loan given to Adventz Trading DMCC. While the company wasn't levied any fees, aggregate compounding fees of ₹74.70 lakhs were levied on Executive Director, Promoter Directors, and other Directors.
Key Highlights
- Zuari Agro received five interim orders from the Regional Director, Mumbai.
- The orders relate to compounding applications for alleged violations under Section 166 of Companies Act, 2013.
- Violations concern Mangalore Chemicals acquisition, Zuari Farmhub, Zuari Global, and Adventz Trading DMCC.
- The company was not levied with any compounding fees.
- ₹74.70 lakhs in compounding fees were levied on directors.
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