TBO Tek Limited, a listed travel-technology platform, received a penalty order from the Directorate of Enforcement (ED) on October 21, 2026, the company disclosed in a stock-exchange filing under Regulation 30 of the SEBI listing rules, ScanX reported.

Source: ScanX

The order, passed on October 16, 2026 by the Special Director (Adjudication) of the ED and received by the company at 4:00 pm IST on October 21, imposes a penalty of Rs 22,21,63,535 — yaani about Rs 22.21 crore — on the company, according to the filing details reported by Kalkine.

Source: Kalkine

Rs 22.21 crorepenalty on TBO Tek (Rs 22,21,63,535)
Rs 2.47 crorepenalty on each Joint Managing Director (Rs 2,46,84,837)
October 16, 2026date of the ED adjudication order

What the order alleges

The proceedings concern alleged contraventions of Section 3(c) read with Section 42(1) of the Foreign Exchange Management Act, 1999 (FEMA), according to the filing. The contraventions are allegations decided at adjudication level in the order; the company has not accepted them as final, and its next steps are still being assessed.

In addition to the corporate penalty, the authority imposed a penalty of Rs 2,46,84,837 — yaani about Rs 2.47 crore — on each Joint Managing Director of the company, ScanX and Kalkine reported.

Company's position

TBO Tek said the matter had already been referenced under the “Emphasis of Matter” heading in its Statutory Auditors' Report, and that it is evaluating its next steps with legal counsel, according to the filing reported by Kalkine. Reuters, via TradingView, also reported that the company and its Joint Managing Directors had received the ED order in the FEMA adjudication proceedings.

Source: Reuters via TradingView

Why it matters

FEMA adjudication penalties of this size on a listed company and its top executives personally are a governance signal for investors: the financial impact is quantified in the filing, but whether TBO Tek challenges the order will decide the final outcome.