Company Update Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirement) Regulations, 2015.
We would like to inform that (n) Code Solutions – IT Division of the company was appointed vide Agreement dated 20th March 2015, as an Authentication User Agency (AUA) and e-KYC User Agency (KUA) by Unique Identification Authority of India (UIDAI) for the purpose of providing Aadhar Enabled Services.
UIDAI has vide its Interim Order dated 7th June, 2018 has imposed a financial disincentive of Rs. 2,05,32,000/- including GST of Rs.31,32,000/- due to certain violation of relevant statutory provisions. We had submitted our due explanations in these proceedings.
The Company is currently examining the Interim Order and is in the process of appealing against it under existing provisions of relevant Act to designated authority for the purpose. So the matter cannot be treated final as yet.
Considering the future course of action available and looking to the turnover and profitability of the Company, there would not be any material impact of the said Order.
We request you to kindly take note of the above.