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.

Shipwaves Online Limited has formally notified the BSE regarding the appointment and continuation of Mrs. Jessica Juliana Mendonca as Company Secretary and Compliance Officer. The notification was filed on December 17, 2025, ensuring compliance with regulatory requirements.

Appointment Details

The company confirmed that Mrs. Jessica Juliana Mendonca was appointed to her dual role on January 24, 2025, and continues to serve in this capacity. The appointment fulfills the company's obligations under Regulation 6(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance

The notification was submitted to BSE Limited's Listing Department as part of the company's ongoing compliance with SEBI regulations. This filing demonstrates Shipwaves Online Limited's commitment to maintaining transparency and adhering to prescribed disclosure norms for listed entities.

The document was digitally signed by Bibi Hajira, Whole-Time Director (DIN: 07008483), on behalf of the company. This formal communication ensures that all stakeholders are informed about the key appointment and the company's compliance status.

Company Information

Shipwaves Online Limited, formerly known as Shipwaves Online Private Limited, operates with its registered office in Mangalore, Karnataka, and maintains a Mumbai office in Andheri East. The company's CIN is U74900KA2015PLC079072, reflecting its incorporation in Karnataka in 2015.