ADF Foods Limited — Important, 12-11-2024: Updates

The Regional Director (RD) of the Ministry of Corporate Affairs has accepted ADF Foods' appeal regarding a previous penalty imposed for an alleged violation of Section 196 of the Companies Act. This penalty was initially imposed due to the company's failure to seek government approval for the appointment of its Managing Director from October 2018 to September 2023 while he was out of India for an extended period. The RD found that the case was not appropriate for adjudication by the Registrar of Companies (ROC) and consequently set aside the earlier order. This reversal is expected to alleviate potential financial burdens associated with the penalty, positively impacting the company's perception in the market.