1. Additional details pursuant to Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13,2023, were already attached with the covering letter as Annexure ll. Same attachment is ....
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Ghushine Fintrrade Ocean Ltd received a summons under Section 70 of the Central GST Act, 2017 from the Superintendent of the CGST Directorate in Surat, dated June 5, 2025 and received on June 10, 2025. The inquiry relates to the company's transactions with M/s Decent Trading & Exim, and the company has been asked to produce purchase invoices, transport documents (LR, e-way bills, weighment slips), bank statements, and to potentially pay back any ineligible Input Tax Credit claimed on those transactions. The company filed its intimation to BSE late on June 16, 2025, and the exchange followed up seeking the additional SEBI-mandated disclosures and clarification on the delay. The company attributed the delay to the time taken by directors to compile historical data demanded by the tax authority and asked BSE for a lenient view.
The matter is at a preliminary stage with no violations or financial liability yet alleged, but there is a potential tax exposure if ineligible ITC is confirmed. The late intimation and exchange follow-up may raise minor corporate governance red flags, though no penalties or quantified losses have been disclosed at this point.