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 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

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.

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. Voting results will be declared upon receipt of the scrutinizer’s report and uploaded to the company website.