Initial ED Search (July 2024)

First Summons and Response (July 2024)

The company received a summons dated July 18, 2024 (No. FEMA/SUMMON/PJZO/2024/241/1313-reg) from the Directorate of Enforcement seeking submission of documents and information pursuant to the search conducted. On July 29, 2024, the company submitted the relevant documents and information sought under the summons to the ED.

Subsequent Summons (February 2026)

The company received another summons dated February 2, 2026 (received on February 3, 2026) from the ED Panaji Zonal Office addressed to the Director of Chowgule Steamships Limited under Section 37(1) and (3) of FEMA, 1999 read with Section 131(1) of the Income Tax Act, 1961 and Section 30 of the Code of Civil Procedure, 1908. The summons was for submission of certain documents in another case, with no formal charges or orders passed. The company made disclosure to BSE on February 4, 2026 (Acknowledgement No. 12055593).

On February 9, 2026, the company submitted its reply to the February 2, 2026 summons (bearing No. FEMA/SUMMON/PJZO/2026/330/185) to the Directorate of Enforcement.

June 2026 Summons and Corrections

Mr. Vijay Chowgule, Whole Time Director, received a summons dated June 5, 2026 (No. FEMA/SUMMON/PIZO/2026/345/702) from ED Panaji Zonal Office for attendance and enquiry purposes in connection with proceedings under FEMA, 1999 in the case of Jaywant Chowgule and others, along with submission of documents mentioned in the summons. The company initially disclosed this on June 6, 2026 (Acknowledgement No. 13240120) but noted a typographical error in the date. A corrected disclosure was submitted on June 10, 2026 (Acknowledgement No. 13271971).

Final Response to June 2026 Summons

The company submitted a reply letter dated June 12, 2026 (acknowledged on June 15, 2026) to the June 5, 2026 summons, providing the requisite documents and information to the Directorate of Enforcement. Additionally, pursuant to additional information sought by ED, the company furnished requisite information and details on July 28, 2026 and August 7, 2026 respectively.

Impact Assessment

Throughout all disclosures, the company consistently stated that there was no material impact on its financial or operational activities from any of the ED actions, searches, or summons.