Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
ONWARDTEC · price
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Onward Technologies Ltd received an Order-in-Original from the Office of the Joint Development Commissioner, SEEPZ-SEZ, Mumbai, imposing a monetary penalty of ₹10,00,000 (₹10 lakh) due to procedural delays in filing 270 SOFTEX Forms for export transactions. The company stated the matter does not involve any allegations of export realization issues, diversion of funds, misuse of export incentives, or loss of foreign exchange. Export proceeds from the relevant transactions were duly realized through authorized banking channels. The authority has condoned the procedural delays and closed the issue. The company has already filed the relevant SOFTEX Forms and is evaluating available legal remedies.
The financial impact is limited to the ₹10 lakh penalty with no material effect on operations or financial position. While the matter is closed, the regulatory penalty disclosure may create minor short-term concern among investors despite the company's compliance improvements.