Shipwaves Online Limited concluded its 11th Annual General Meeting on September 30, 2026, via video conferencing. The meeting focused on adopting standalone and consolidated financial statements for the fiscal year ended March 31, 2026, alongside critical governance resolutions.

Governance and attendance

The meeting commenced at 3:00 pm IST and concluded at 3:39 pm IST. A total of 28 members attended, comprising 3 from the promoter group and 25 public shareholders. Mr. Mohammed Sahim Haris, Whole-Time Director and CFO, chaired the session after the Chairman was unable to attend due to prior commitments.

Seven directors were present, including three independent directors. The statutory auditors, Shah & Taparia, Chartered Accountants, confirmed no qualifications or adverse remarks in their report for FY26.

Resolutions passed and voting results

Members voted on both ordinary and special business items. The agenda included the re-appointment of two directors retiring by rotation and the approval of significant related party transactions. Pursuant to Regulation 44 of the SEBI Listing Regulations, the company filed the combined voting results and scrutinizer's report on October 1, 2026. All resolutions proposed in the Notice dated September 1, 2026, were passed with the requisite majority.

Note: For RPTs, promoter votes were excluded or invalidated where they had a conflict of interest, resulting in lower total valid votes polled compared to other resolutions.

Procedural details

Ms. Maithri K B, Company Secretary and Compliance Officer, briefed members on e-voting procedures. No questions were raised during the open floor session. The scrutiny was conducted by Mrs. Ujala Rani of Chethan Nayak & Associates. Remote e-voting commenced on September 27, 2026, and closed on September 29, 2026. Voting results were declared upon receipt of the scrutinizer’s report and uploaded to the company website.

Shipwaves Online Limited received an order from the National Faceless Appeal Centre (NFAC) dismissing its appeal against the income tax assessment for Assessment Year 2024-25. The appellate authority upheld a total tax demand of ₹72.67 lakh, confirming additions to the company's taxable income.

The order, dated September 29, 2026, was passed under Section 250 of the Income-tax Act, 1961. The dispute arose from assessment proceedings under Section 143(3) read with Section 144B, where the assessing officer disallowed specific expenses and increased the company's total income significantly above the returned figures.

Dispute details and financial impact

The NFAC upheld two primary additions made by the assessing officer: a disallowance of gratuity expenses amounting to ₹23.87 lakh and a disallowance of depreciation on intangible assets worth ₹2.21 crore. These adjustments raised the company's assessed total income to ₹5.28 crore, compared to the returned income of ₹2.83 crore.

Penalty proceedings status

While the appellate authority confirmed the tax liability, it did not adjudicate on the initiation of penalty proceedings under Section 270A(9). The NFAC observed that the ground relating to penalty initiation was premature at this stage. Consequently, the final consequential tax liability, including applicable interest, will be determined in accordance with the provisions of the Income-tax Act, 1961.

What the numbers show

The disparity between the returned income of ₹2.83 crore and the assessed income of ₹5.28 crore highlights a significant divergence in accounting treatment, particularly regarding intangible asset depreciation. The disallowance of ₹2.21 crore in depreciation constitutes the majority of the added income, indicating that the company's aggressive amortization schedule for intangible assets was not accepted by the tax authorities.