TBO TEK544174Regulatory penalty

Receives FEMA adjudication order; penalty of ~INR 22.22 crore on company, ~INR 2.47 crore on each JMD

Received an order dated October 16, 2026 from the Special Director (Adjudication), Directorate of Enforcement, in FEMA proceedings involving the company and its Joint Managing Directors.

By ScoutQuest · Wed 21 Oct 2026, 7:18 PM IST · 2 min read

Penalty on company: ~INR 22.22 crore
Penalty on each Joint Managing Director: ~INR 2.47 crore on each Joint Managing Director
Order received on: October 21, 2026 at 04.00 P.M. (IST)

The company has disclosed an order dated October 16, 2026 passed by the Special Director (Adjudication), Directorate of Enforcement, in FEMA adjudication proceedings that concern the company as well as its Joint Managing Directors.

What the annexure sets out

Authority passing the order: Special Director (Adjudication), Directorate of Enforcement.
Penalty imposed on the company: ~INR 22.22 crore.
Penalty imposed on each Joint Managing Director: ~INR 2.47 crore.
Stated contravention: Section 3(c) read with Section 42(1) of the Foreign Exchange Management Act, 1999.
Date the company received the order: October 21, 2026 at 04.00 P.M. (IST).

What the company says about its next step

The update states that the company is examining the order and evaluating the available course of action in consultation with its legal counsel. Against the impact column of the annexure, the company again states that it is reviewing the order and assessing next steps with its legal counsel.

Where this is linked in the update

The company connects this disclosure to the note under the heading "Emphasis of Matter" in the Statutory Auditors' Report.

Reading it in simple terms

A FEMA adjudication order is a decision by the adjudicating authority that a contravention has taken place and it carries a penalty. Here the penalty is named separately for the company and for each of its two Joint Managing Directors, which means the order touches both the listed entity and these individuals in their capacity as directors named in the proceedings.

Two things are worth separating as a reader

What the order says: a penalty of ~INR 22.22 crore on the company and ~INR 2.47 crore on each Joint Managing Director, for the stated contravention.
What the company says: that it is still studying the order and weighing its options with legal counsel, so its response is at the review stage.

The size in context

The company-level penalty figure is ~INR 22.22 crore. Read alongside it, the two individual penalties come to ~INR 2.47 crore each. Together these are the amounts named in the order, and they are stated in Indian rupees in the annexure.

What to follow

Any decision the company takes on the order, such as a legal challenge or a payment, would be a development to watch for in later disclosures, since the company has said it is evaluating its options.