Tax & Penalty21 May 2026, 04:03 pm
Onward Tech: ₹10 Lakh Penalty for SOFTEX Form Delay
AI Summary
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 for delays in filing SOFTEX Forms related to export transactions. The order condoned the procedural delays and closed the issue, with no allegations of export realization issues, fund diversion, misuse of incentives, or foreign exchange loss. The company has filed the relevant SOFTEX Forms and is evaluating legal remedies, with no material impact on operations or financials.
Key Highlights
- Onward Technologies faces ₹10 Lakh penalty for SOFTEX form filing delays.
- The penalty relates to procedural compliance and doesn't involve financial irregularities.
- The company has filed the SOFTEX forms and is evaluating legal options.
- The order has condoned the procedural delays and closed the issue.
- Onward Tech states no material impact on operations or financial position.
Price Impact
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