Zuari Agro faces order for IND AS-36 non-compliance

Zuari Agro Chemicals Ltd. received an interim order from the Regional Director, Western Region, Ministry of Corporate Affairs, Mumbai, regarding non-compliance with Section 129 of the Companies Act, 2013, read with IND AS-36, related to impairment assessment/disclosure for its investment in Mangalore Chemicals & Fertilizers Limited for FY 2019-20 to FY 2022-23. A compounding fee of ₹22.25 lakhs was levied on Executive Director, Promoter directors, Director, KMPs (including former director/KMPs). The company states that the order has no material impact on its financials or operations.