SpectraA statutory payment delays ran as long as 333 days

SpectraA disclosed repeated late statutory payments and return filings across employee dues, Goods and Services Tax and tax deducted at source, rather than a single isolated lapse. The longest listed delay was 333 days for a November 2023 tax deducted at source payment under Section 192, which was paid on November 4, 2024 against a December 7, 2023 due date.

How broad were SpectraA statutory payment delays?

SpectraA's disclosed delays covered Provident Fund, Employees' State Insurance Corporation contributions, professional tax, Goods and Services Tax and tax deducted at source between April 2023 and July 2026. Provident Fund is a statutory employee social-security contribution, while Employees' State Insurance Corporation, or ESIC, contributions relate to employee insurance. The Provident Fund table lists 33 monthly periods from April 2023 to December 2025, and the ESIC table lists 33 periods from April 2023 to March 2026.

The delays occurred across several statutory mechanisms. Tax deducted at source, or TDS, is tax withheld and remitted under the Income-tax Act, while Goods and Services Tax, or GST, returns report indirect-tax obligations. The 333-day Section 192 TDS payment delay was accompanied by a 326-day professional-tax delay for May 2023, a 319-day ESIC delay for September 2024 and a 286-day Provident Fund delay for September 2024.

The listed entries also show that the delays were not confined to a single registration or payroll obligation. GST delays were disclosed for Karnataka, Rajasthan and Madhya Pradesh, including GSTR-3B monthly summary returns, GSTR-1 outward-supply returns and GST 9 and 9C annual filings. The Madhya Pradesh GST registration was cancelled with effect from July 17, 2024, limiting the periods shown for that registration.

Which SpectraA obligations had the longest payment delays?

SpectraA's longest listed delay was a Section 192 TDS challan for November 2023. The payment was due on December 7, 2023 and made on November 4, 2024, a delay of 333 days. The same salary-withholding category included a 323-day delay for December 2023, paid on November 25, 2024, and a 309-day delay for June 2023, paid on May 11, 2024.

The TDS pattern extended beyond salary withholding. Section 194C, which covers specified payments to contractors, had payment delays of 243 days for October 2024, 213 days for November 2024 and 182 days for December 2024; all three payments were made on July 8, 2025. TDS return filing was also delayed: the Form 26Q return for the third quarter of FY 2024-25 was filed on August 21, 2025, 202 days after its January 31, 2025 due date.

Payroll-linked remittances had lengthy delays as well. Provident Fund deposits for September 2024 through March 2025 were filed on July 28, 2025, with delays ranging from 104 to 286 days. ESIC contributions for September 2024, November 2024 and February to March 2025 were deposited on July 29 or August 30, 2025 after delays of 319, 226, 136 and 105 days. The ESIC table does not list October or December 2024, so it does not establish an uninterrupted monthly series.

Did SpectraA statutory payment delays improve over time?

SpectraA's later disclosed payroll entries show shorter delays in some categories, although the improvement was not uniform across all obligations. Provident Fund delays fell from 286 days for September 2024 to 15 days for July 2025 and 38 days for August 2025; the October and December 2025 entries show zero days of delay. Professional-tax delays declined from 326 days for May 2023 to one day for October and December 2025, zero days for February 2026 and eight days for March 2026.

ESIC remittances also became shorter in the later disclosed months. After the 319-day delay for September 2024, entries from August 2025 to March 2026 ranged from one to 16 days, apart from the 15-day delay for July 2025. This comparison separates the disclosed 2023-24 and 2024-25 backlog periods from more recent payroll entries, but it does not demonstrate on-time compliance for every statutory category.

GST filings showed a mixed position across registrations. In Rajasthan, GSTR-3B delays ranged from zero to 11 days from October 2025 through March 2026, after 55 days for June 2025 and 24 days for July 2025. However, Rajasthan GSTR-1 filings for May and June 2025 were 71 and 64 days late, while the annual GST 9 and 9C return was filed 204 days late on July 23, 2025. Karnataka's comparable annual return was filed 203 days late on July 22, 2025.

What financial and regulatory exposure does SpectraA disclose?

SpectraA states that late payment or non-payment of statutory dues may result in demands or penalties from GST, Provident Fund, ESIC or other authorities and could affect its financial position and cash flows. The company says its delayed GSTR-1 and GSTR-3B filings, Provident Fund contributions and ESIC contributions had been paid as of the red herring prospectus date. In a note accompanying its TDS challan disclosure, SpectraA says it paid all interest and penalties relating to delayed payments for the past three years.

The disclosure does not quantify statutory interest or penalties by compliance category. SpectraA says applicable fines and penalties for delayed statutory payments have not been material, while also stating that future penalties or fines could have a material adverse effect on financial condition and cash flows. The statutory-payment tables were certified by the company's statutory auditor, Bhojak Lunawat and Company, Chartered Accountants, in a certificate dated September 8, 2026.

SpectraA attributes the delays primarily to administrative and technical errors. The company says it has implemented strict monitoring and improved processes for timely statutory payments and returns, and has allocated more resources to administrative systems and staff training. Those measures will need to result in timely monthly, quarterly and annual compliance across the separate TDS, GST, employee-contribution and professional-tax obligations for the trend to persist.

Conclusion

SpectraA's disclosure records a multi-category compliance-timing issue, with the 333-day November 2023 Section 192 TDS delay as the largest listed instance. The later records show shorter delays in several Provident Fund, ESIC and professional-tax entries, but GST and TDS disclosures include delays into July 2026, including a 262-day Section 194A TDS payment delay for October 2025.

The next evidence to watch is whether SpectraA's stated strict monitoring, process improvements, administrative spending and staff training produce timely filings and payments across all categories. SpectraA states that it cannot assure investors that future delays will not occur and that authorities may impose penalties or fines, leaving future statutory records and any regulatory demand as unresolved matters.