TBO Tek gets ₹22 crore FEMA penalty, and its joint MDs are fined too

The FEMA order in numbers

Penalties on the company and its Joint Managing Directors

The filing says the Special Director (Adjudication) at the Directorate of Enforcement imposed a penalty of ₹22,21,63,535 on TBO Tek and ₹2,46,84,837 on each of its Joint Managing Directors. The order is dated 16 Oct 2026. The company says it received it on 21 Oct 2026 at 4.00 P.M. IST.

The case is an adjudication under the Foreign Exchange Management Act, 1999 (FEMA), the law that governs cross-border payments and investments. The filing also refers to a note under “Emphasis of Matter” in the statutory auditors’ report, without describing that note.

What the company says and what remains open

TBO Tek says it is “examining the order and evaluating the available course of action in consultation with our legal counsel”. The filing does not set out an appeal date, a payment schedule or whether the company has made any provision for the penalties.

The filing says the disclosure is also on the company’s website. For context, the latest quarter is Q1 FY27, the quarter ended 30 Jun 2026, with consolidated revenue of ₹938.68 crore. The shares closed at ₹1,571.50 on 21 Oct 2026.

What the order means for TBO Tek’s shareholders

The filing does not state the effect of the order on the company’s operations or finances. It says the company is “reviewing the order and assessing next steps with our legal counsel”. The filing names no next step with a date, and it does not say when the company will next update the market.

Reference: Original filing (PDF)