Onward Technologies Limited has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015'.
ONWARDTEC · price
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Awaiting price reaction for this filing.
Onward Technologies Limited informed the stock exchanges that a US court has lifted the freeze on its Citibank account. The Circuit Court of Cook County, Illinois vacated its earlier order in Case No. 2024CH00666, which had frozen up to USD 1,258,000 in funds, and also dismissed the citation to Citibank. The case was filed by an ex-employee of Onward Technologies Inc. (OTI), a wholly-owned US subsidiary, for alleged non-payment of wages. The court order was dated 18 February 2026 and received by the company on 24 February 2026. The company confirmed there is no subsisting monetary liability on OTI and no material adverse impact is expected on its financials or operations.
Positive for the company as the fund freeze of up to USD 1.258 million has been lifted, removing a financial overhang and uncertainty around the US litigation. This frees up previously restricted working capital and signals a favorable turn in the case.