Garware Marine Industries Ltd — Important, 02-04-2026: Company Update

Garware Marine Industries received a notice from the Economic Offences Wing-II, Chennai, concerning an alleged failure to repay equipment lease rentals totaling approximately 3.55 Cr. The company has been directed to appear for an explanation. This notice relates to ongoing civil litigation with Integrated Finance Company Limited (IFCL). The company previously deposited 0.30 Cr in the Madras High Court and also filed a separate suit against IFCL for 1.93 Cr plus interest. Both civil suits are now clubbed and are pending hearing. Management is currently evaluating the notice and seeking legal advice, noting that the matter is civil and sub judice.