Saregama India Limited announced that the company has received a demand order under the provision of Section 28(8) of the Customs Act, 1962 (Customs Act) along with penalty equivalent to differential duty under section 114A of the Customs Act and penalty under Section 114AA of the Customs Act. Name of the Authority: Office of the Commissioner of the Customs; Nature and details of the action(s) taken, initiated or order(s) passed: The company has received demand order of differential duty on imported goods amounting to INR 232,954,186 under the provision of Section 28(8) of the Customs Act along with penalty equivalent to differential duty under section 114A of the Customs Act and penalty of INR 115,000,000 under Section 114AA of the Customs Act. Further, a fine of INR 365,000,000 has been levied under Section 125(1) of the Customs Act.

Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: 22 April 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged short payment of duty by availing exemption vide Sr. No. 412 of Notification No.

12/2012-Cus dated 17 March 2012 and Sr. No. 474 of Notification No. 50/2017-Cus dated 30 June 2017, in respect of goods imported by the Company during the period 27 April 2017 to 31 March 2020.