United Spirits Limited announced The Collector (Excise)-cum-Joint Excise & Taxation Commissioner, Haryana, Panchkula Vide two separate Orders both dated March 7, 2024, the Excise Commissioner dismissed Company's Appeal and upheld the penalty imposed vide impugned orders dated January 23, 2024. The said Orders dated March 07, 2024 were served by hand to Company's Representative under Memo no. 622 & 624 (both dated March 13, 2024) on March 14, 2024 around 12:00 PM.

Quantum of Claim: INR 12.0 million. Two Depot Licenses issued by Haryana Excise: A. L-1AB License: Depot. B. L-1B License: Depot.

The orders are connected with an ongoing matter which is sub-judice before Punjab & Haryana High Court. The Company has already approached the authorities to ensure that there is no disruption to the business operations. The matter pertains to an alleged mismatch in physical stock in comparison to Depot records resulting in alleged loss of revenue.

Also, the Orders refer to the cancellation of Depot Licenses and forfeiture of security deposit in case the Company does not pay the penalty as under: A. For L-1AB License: INR 1 million; and B. For L-1B License: INR 11 million, totalling to INR 12.0 million.