Kalpataru Projects International Limited inform that the Company on 08 March, 2024. Initiated payment of penalty amount of INR 541,068/- for releasing vehicle which was detained by the GST Authority, in contradiction with the provisions of law. The Company will file necessary appeal against such actions by GST Authority.

The Authority had detained the vehicle carrying certain goods from one project site to another within the same state, alleging that the goods are not covered by valid documents. The Company will provide necessary clarifications citing provisions of law. In order to secure release of goods and the vehicle, the Company initiated payment of penalty amount of INR 541,068/-.

No Order or direction is yet passed. However, the Company initiated payment of penalty on 08 March 2024.