Orient Technologies Limited — Others, 14-11-2024: Statement of deviation(s) or variation(s) under Reg. 32

Orient Technologies Limited has confirmed a deviation in the utilization of IPO proceeds for the quarter ended September 30, 2024. While the funds for acquiring office premises align with the prospectus, expenses related to the IPO were paid including GST contrary to the prospectus stipulating they should be exclusive of GST. The Audit Committee has noted this and the Board is taking steps to adjust the reimbursement of expenses accordingly.

This deviation may raise concerns among investors about financial management, but it also presents an opportunity for the company to rectify the oversight and enhance transparency, potentially maintaining a positive outlook moving forward.