Chowgule Steamships Limited has issued multiple disclosures regarding summons and searches conducted by the Directorate of Enforcement (ED). These actions, initiated in July 2024 and February/June 2026, involve the ED seeking information and documents related to potential violations under the Foreign Exchange Management Act, 1999, and the Income Tax Act, 1961. The company has consistently stated that these events have had no material impact on its financial or operational activities.
Directorate of Enforcement Investigations
Chowgule Steamships Limited has disclosed a series of interactions with the Directorate of Enforcement (ED), Panaji Zonal Office. These communications began with a search conducted on July 3, 2024, at the company’s corporate office and the residences of key directors. The ED’s actions were related to potential violations under the Foreign Management Act, 1999, and the Income Tax Act, 1961.
Summons and Information Requests
Following the initial search, Chowgule Steamships received multiple summonses, dated July 18, 2024, February 02, 2026, and June 05, 2026. These summonses primarily sought the submission of documents and information in connection with the ED’s ongoing investigation. The company has systematically responded to these requests by submitting the required information and documents on various dates, including July 29, 2024, and February 09, 2026, and by June 12, 2026.
Company’s Response and Impact
In all disclosures, Chowgule Steamships has maintained that the purpose of the ED’s actions was to seek information and that no formal charges or orders have been passed. Furthermore, the company has repeatedly stated that these developments have had no material impact on the financial or operational activities of the listed entity. The latest disclosures in September 2026 confirm ongoing communication and submission of replies to the Directorate of Enforcement.
Source: BSE
