CRISIL Limited received communication from the Office of Assistant Commissioner of CGST & Central Excise, Division III, Navi Mumbai Commissionerate, regarding demand of penalty. Name of the authority(s): Office of Assistant Commissioner of CGST & Central Excise, Division III, Navi Mumbai Commissionerate. Nature and details of the action(s): Demand of Penalty of INR 1,460,066 raised in respect of Financial Year 2018-19 to Fiscal Year 2021-22 for short reversal of Input Tax credit attributable to exempt supplies namely income arising on account of scrip sales and sale of building.

Date of receipt of communication from the authority is 26th April 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Demand of Penalty raised under section 122(2)(a) of CGST Act, 2017 read with section 73 of CGST Act, 2017. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: None - There is no material impact on financials, operations or other activities of the Company.

The company will be filing an appeal against the demand raised.