Shipwaves Online Limited has successfully completed the remittance of ₹10 crore to its overseas subsidiary, marking a significant milestone in the company's post-IPO fund utilization strategy. The funds were transferred to Shipwaves Online LLC on December 29, 2025, following completion of all regulatory requirements.

Fund Remittance Details

The fund transfer represents the fulfillment of one of the key objectives outlined in the company's IPO prospectus. As disclosed in the prospectus dated December 4, 2025, the investment in the subsidiary through loan arrangement was identified as a primary use of IPO proceeds.

Regulatory Compliance

The company ensured full compliance with applicable Reserve Bank of India regulations before executing the fund transfer. The loan agreement with Shipwaves Online LLC was formalized on December 15, 2025, establishing the legal framework for the overseas investment.

The fund remittance was completed after satisfying all regulatory requirements, demonstrating the company's commitment to maintaining compliance standards in its international operations. This overseas investment aligns with the company's strategic expansion plans as outlined during its public offering.

Strategic Implementation

The successful completion of this fund transfer represents the implementation of the company's stated IPO objectives. The ₹10 crore loan will support the working capital requirements of Shipwaves Online LLC, enabling the subsidiary to strengthen its operational capabilities.

This development reflects Shipwaves Online Limited's systematic approach to utilizing IPO proceeds as per the disclosed plan, providing transparency to stakeholders regarding fund deployment strategies.

Shipwaves Online Limited has received a significant GST demand order from Maharashtra tax authorities, with total claims amounting to ₹2.08 crores for the financial year 2021-22. The company disclosed this development to BSE on December 30, 2025, under Regulation 30 of SEBI listing requirements.

GST Order Details

The Assistant Commissioner of State Tax, MANDVI_607, Nodal Division-3, Mazgaon, Mumbai, Maharashtra issued the order under Section 73 of the CGST/MGST Act, 2017. The order was received by the company on December 29, 2025, following scrutiny of GST returns for FY 2021-22.

Nature of Allegations

The tax authority has raised several concerns regarding the company's GST compliance:

• Excess availment of Input Tax Credit including excess RCM ITC
• Mismatch between GSTR-3B, GSTR-2A and Table 8A of GSTR-9
• Interest on delayed payment of tax

The authority confirmed the demand stating that explanations and reconciliations submitted by Shipwaves Online Limited were not supported with adequate documentary evidence.

Financial Impact Breakdown

The total demand of ₹2.08 crores comprises multiple components as detailed below:

Company's Response

Shipwaves Online Limited is currently evaluating the order and exploring appropriate remedies available under law, including the possibility of filing an appeal. Based on preliminary assessment, the company believes that the demand is not tenable and does not expect any material impact on its operations.

The disclosure was made by Jessica Juliana Mendonca, Company Secretary & Compliance Officer (Membership No.: A25316), ensuring compliance with regulatory requirements for material developments affecting the company.