Shipwaves Online Limited received a show cause notice from the Goods and Services Tax authorities regarding discrepancies for the financial year 2022-23. The proposed total liability amounts to ₹1.92 crore, comprising tax, interest, and tentative penalty.

The notice was issued by the Office of the Deputy Commissioner of State Tax, Mandvi-504, Nodal Division-03, Mumbai, on September 29, 2026. It was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Nature of the dispute

The matter arises from GST audit proceedings conducted by the Department of Goods and Services Tax, Government of Maharashtra. The company received Form GST DRC-01 under Section 73 of the applicable GST laws.

The notice raises discrepancies relating to:

• Input Tax Credit
• Reverse Charge Mechanism liability
• Credit notes
• Taxability of other incomes

The company has been asked to explain why the proposed tax, interest, and penalty should not be demanded and recovered.

Financial implications

The proposed dues are subject to the outcome of adjudication proceedings. The penalty indicated is tentative.

What the numbers show

Interest constitutes approximately 36% of the total proposed liability, while tax accounts for roughly 58%. The tentative penalty represents about 6% of the total demand. This structure highlights that interest accumulation over the period since FY23 is a significant portion of the claimed amount, separate from the base tax discrepancy.

Shipwaves Online Limited notified the BSE Listing Department on September 7, 2026, regarding the dispatch of letters containing weblinks to its FY26 Annual Report and AGM notice. This communication targets shareholders who have not registered their email addresses with the company or depositories.

The company previously scheduled its 11th Annual General Meeting for Wednesday, September 30, 2026. The meeting will commence at 3:00 pm through video conferencing or other audio-visual means. The initial intimation was filed on September 1, 2026.

Dispatch Details

Pursuant to Regulation 30 and Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Shipwaves Online is sending physical letters to shareholders without registered email IDs. These letters provide the exact weblink to access the Annual Report for FY26 and the Notice of the AGM.

For shareholders with registered email addresses as on Friday, September 4, 2026, the notice and annual report are being sent only in electronic form via email.

Meeting Logistics

The AGM will be held virtually in accordance with circulars issued by the Ministry of Corporate Affairs and SEBI. Key logistical details include:

• Date: September 30, 2026
• Time: 3:00 pm
• Mode: Video Conferencing / Other Audio-Visual Means

Regulatory Compliance

Maithri K B, Company Secretary & Compliance Officer of Shipwaves Online, issued the communication. The filing was digitally signed on September 7, 2026. The company urged shareholders to register missing KYC details in their folios, with forms available on the company website and that of its RTA, Cameo Corporate Services Limited.