Shipwaves Online Ltd

Shipwaves Online Ltd has received a Show Cause Notice (SCN) from the Deputy Commissioner of State Tax, Mumbai, for the Financial Year 2022-23. The notice, dated September 29, 2026, pertains to discrepancies identified during a GST audit, including issues with Input Tax Credit, Reverse Charge Mechanism liability, credit notes, and taxability of other incomes. The company has been asked to explain why a total demand of ₹1,91,92,289 should not be levied, comprising tax of ₹1,11,55,820, interest of ₹69,20,887, and a tentative penalty of ₹11,15,582. The final liability is subject to adjudication proceedings.

Shipwaves Online Ltd has received an order from the National Faceless Appeal Centre (NFAC) dated September 29, 2026. The appeal filed by the company against the assessment order for Assessment Year 2024-25 has been dismissed. The NFAC upheld additions made in the assessment order, including disallowance of gratuity expenses (₹23,86,817) and depreciation on intangible assets (₹2,20,97,696). This resulted in the total income being assessed at ₹5,27,52,043, against a returned income of ₹2,82,67,530. The tax demand arising from the assessment order was ₹72,67,470. The NFAC order upholds these additions, and the consequential tax liability, including interest, will be determined as per the Income-tax Act. The ground relating to penalty proceedings was held to be premature and not adjudicated.

Shipwaves Online Ltd has announced the closure of its trading window for dealing in the company's securities. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's "Code of Conduct for Regulating, Monitoring and Reporting of Trading by Insiders". The window will be shut from Thursday, October 1, 2026, until 48 hours after the declaration of the financial results for the half-year ending September 30, 2026. Designated persons and their immediate relatives are prohibited from trading during this period. The date of the board meeting to approve these financial results will be announced later.

Shipwaves Online Limited has submitted an application to BSE Limited for In-Principle Approval to issue 3,33,20,000 convertible warrants on a preferential basis. The issue price is set at ₹4.50 per warrant, aggregating to ₹14,99,40,000. This preferential issue is contingent upon obtaining necessary approvals, including in-principal approval from stock exchanges, shareholder consent, and other statutory/regulatory clearances.

Shipwaves Online Ltd has submitted its Annual Report for the Financial Year 2025-26, along with the Notice for its 11th Annual General Meeting (AGM). The AGM is scheduled for September 30, 2026, to be held via Video Conferencing. The report and notice are available on the company's website and have been emailed to members. The company is offering e-voting facilities for members, with a cut-off date of September 24, 2026, and remote e-voting from September 27 to September 29, 2026. The filing also includes details on the company's history, growth milestones, and financial statements.

Shipwaves Online Ltd has informed the stock exchanges about the dispatch of letters to shareholders whose email addresses are not registered with the company or depositories. These letters provide a weblink to access the Annual Report for FY 2025-26 and the Notice of the upcoming Annual General Meeting (AGM). The AGM is scheduled for Wednesday, 30th September 2026, to be held via Video Conferencing. Shareholders are urged to register their KYC details to ensure they receive future communications electronically. The company has also provided links for downloading necessary forms and accessing an investor grievance portal.

Shipwaves Online Ltd has announced its 11th Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 3:00 PM IST. The meeting will be conducted entirely through Video Conference/Audio Visual Means. The company has also made its Annual Report for the financial year 2025-26 available on its website and is sending it to eligible members. E-voting facilities are provided for members, with a cut-off date of September 24, 2026, for eligibility. Remote e-voting will be open from September 27 to September 29, 2026, and will also be available during the AGM.

Shipwaves Online Ltd has announced that its 11th Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 3:00 p.m. IST. The meeting will be conducted entirely through Video Conferencing (VC) or Other Audio-Visual Means (OAVM), in compliance with the Companies Act, 2013, and relevant circulars from the Ministry of Corporate Affairs and SEBI. The company will issue the Notice of AGM and the Annual Report for the financial year 2025-26 to its members in due course.

Shipwaves Online Limited's Board of Directors has approved a preferential issue of up to 3,33,20,000 Convertible Warrants to identified persons within the Promoter Group and Non-Promoter Category. The issue price is set at ₹4.50 per warrant, aggregating up to ₹14,99,40,000. Each warrant is convertible into one equity share of face value ₹1 at an issue price of ₹4.50 per share. The company will receive 25% of the issue price upon subscription, with the balance 75% payable upon exercise within 18 months. The proposal requires shareholder approval via a Special Resolution at the upcoming AGM on September 30, 2026. Mukka Proteins Limited is a significant allottee from the Promoter Group.

Shipwaves Online Limited's Board of Directors has approved a preferential issue of up to 3,33,20,000 Convertible Warrants to identified persons within the Promoter Group and Non-Promoter Category. The issue price is set at ₹4.50 per warrant, aiming to raise approximately ₹14.99 Crores. Each warrant is convertible into one equity share of face value ₹1 at an issue price of ₹4.50 per share, including a premium of ₹3.50. A 25% upfront payment is required upon subscription, with the balance 75% due upon conversion within 18 months. The proposal requires shareholder approval via a Special Resolution at the upcoming AGM on September 30, 2026. Key allottees include Mukka Proteins Limited (Promoter Group) and individuals Mr. Danish Gafarbhai Panja and Mr. Nelamangala Umesh Mohan Kumar (Non-Promoter).