CG Power and Industrial Solutions Limited received demand order from Additional Commissioner, CGST & Central Excise, Bhopal. Demand Order passed by the Additional Commissioner, CGST & Central Excise, Bhopal, imposing penalty of INR 40,983,824/- on account ITC wrongly availed and reversed in Fiscal Year 2018-19. Nature and details of the action(s) taken, initiated or order(s) passed: Order under CGST Act 2017 passed imposing penalty.

Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Order dated 4th April, 2024 received on 8th April, 2024. The Company is of the view that it has a strong case on merits to appeal against the said order before the appellate authority. There is no material impact on financial, operations or other activities of the Company.