Details of the Order

  • Authority: Regional Director, Western Region-II, Mumbai, Ministry of Corporate Affairs
  • Order Type: Interim Order passed during compounding proceedings
  • Order Date: July 01, 2026
  • Subject: Compounding application filed by the company relating to delay in holding Annual General Meeting (AGM) for Financial Year ended March 31, 2025
  • Legal Violation: Section 96 of the Companies Act, 2013
  • Application Details: Filed through Form GNL-1 bearing SRN AB9357566 dated December 10, 2025

Quantitative Details

  • Total Compounding Fee: ₹2,59,000
  • Breakdown of Fees:
  • Droneacharya Aerial Innovations Ltd: ₹76,000
  • Prateek Srivastava (Director): ₹76,000
  • Nikita Srivastava (Director): ₹76,000
  • Jayesh Sharad Kulkarni (Director): ₹31,000
  • Payment Deadline: Within 30 days of the order (by July 31, 2026)

Background of Violation

  • Financial Year: 2024-25
  • AGM Due Date: September 30, 2025
  • Actual AGM Date: November 25, 2025
  • Delay Period: 56 days
  • Nature of Default: Unintentional procedural non-compliance

Company Financial Context

  • The company reported a loss of ₹13,45,62,000 for financial year 2024-25
  • This is the first similar offence committed by the company
  • The default has been made good (AGM was eventually held)
  • The act is not prejudicial to the interest of members, company or public interest

Regulatory Assessment Factors

The Regional Director considered:

  • Gravity of offence: Procedural non-compliance
  • Intent: Unintentional
  • Statutory penalty provision: Fine up to ₹1 lakh plus ₹5,000 per day for continuing default
  • Registrar of Companies report dated February 19, 2026
  • Default period: 56 days
  • Application type: Suo-moto (voluntary application by company)
  • Default rectified: Yes
  • Financial condition: Loss-making company
  • Previous offences: None
  • Impact: Not prejudicial to interests
  • Company status: Listed company

Current Status and Compliance

The company is taking all necessary steps to comply with the directions contained in the Interim Order and will remit the compounding fees in due course.

Expected Financial Implications

The disclosure states 'Not applicable' for expected financial implications, though the compounding fee of ₹2,59,000 represents a current financial obligation.