Onward Technologies Limited has provided a detailed clarification to BSE Limited regarding the timing of its recent corporate announcement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The clarification, dated February 02, 2026, addresses the disclosure timeline for an order that was announced on January 30, 2026.

Timeline of Events

The company explained that the order referenced in its earlier disclosure was received late in the evening of January 28, 2026, after regular business hours. This timing necessitated a comprehensive review process before the company could make its regulatory disclosure.

Review Process and Legal Consultation

Upon receiving the order, Onward Technologies initiated a detailed internal review process to assess its scope, implications, and materiality. The company engaged with external legal advisors as part of this comprehensive evaluation. Given the nature of the order and the need to ensure complete and accurate understanding, the review process extended into the following day.

Management's Explanation

Managing Director Jigar Mehta, with DIN 06829197, signed the clarification document digitally on February 02, 2026. The company emphasized that the timing of the disclosure was solely due to the late receipt of the order during non-business hours and the subsequent time required for legal review and internal assessment.

The management stated that there was no other reason, lapse, or intention on the part of the company for any delay in submission of the disclosure. The delay was attributed entirely to the operational necessity of conducting proper due diligence.

Regulatory Compliance Commitment

Onward Technologies reiterated its commitment to maintaining timely, transparent, and continuous disclosures in strict compliance with SEBI (LODR) Regulations, 2015, and applicable SEBI Circulars. The company's clarification demonstrates its focus on ensuring accurate and fair disclosure practices while adhering to regulatory requirements.

The clarification was addressed to BSE Limited's Corporate Relationship Department, referencing the company's script code BSE 517536. This proactive communication reflects the company's approach to maintaining transparency with regulatory authorities and stakeholders regarding its disclosure practices.

Onward Technologies Limited has informed stock exchanges that its US subsidiary has successfully overturned an adverse court judgment in an employment-related dispute. The development represents a significant legal victory for the company's international operations.

Court Petition Successfully Granted

Onward Technologies Inc. (OTI), the wholly owned US subsidiary of Onward Technologies Limited, received favorable relief from the Circuit Court of Cook County, Illinois. The court granted OTI's petition to vacate an ex-parte judgment that was originally passed on April 02, 2025.

Background of Legal Dispute

The case originated from allegations by an ex-employee of OTI regarding non-payment of certain wages. The US Court had initially passed an ex-parte judgment against OTI on April 02, 2025. However, both the company and OTI became aware of this judgment only on August 13, 2025, when they received service of the order.

Following the receipt of the judgment, OTI promptly filed a petition before the US Court to vacate the adverse ruling. The company had previously disclosed this matter to stock exchanges on August 14, 2025, under Regulation 30 of SEBI LODR Regulations.

Current Legal Status and Next Steps

The Circuit Court's order dated January 27, 2026, not only vacated the original judgment but also provided OTI with specific relief for proceeding with the case. The court has granted OTI 30 days from the order date to file its defense or reply to the main case proceedings.

OTI is taking appropriate steps to file its defense within the stipulated timeframe, and the matter is scheduled for a status hearing on March 19, 2026.

Financial Impact Assessment

The company has provided clarity on the financial implications of this legal development. With the vacation of the original judgment, there is no subsisting enforceable monetary liability on OTI as of the current date. Onward Technologies Limited stated that it does not anticipate any material adverse impact on its financials or operations arising from this matter.

This disclosure was made under Regulation 30 of SEBI LODR Regulations, demonstrating the company's commitment to transparency in material legal developments affecting its subsidiary operations.