Welspun Corp. Limited has received an order from the Office of the Commissioner of Central Excise and CGST, Audit -III, Mumbai. Name of the authority: Commissioner of Central Excise and CGST, Audit -III, Mumbai.

Nature and details of the action(s) taken, initiated or order(s) passed: Recovery of CENVAT credit availed on certain services during the period April-11 to March-15. Date of receipt of direction or order, including any ad interim or interim orders, or any other communication from the authority: April 8, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Order under the provisions sub section (2) of section 73 of the finance act 1994 read with section 11A/11A(4) of Central Excise Act 1994 read with Rule 14 of Cenvat Credit Rule 2004 and read with section 174 of Central Goods and Service Tax Act 2017.

Amount of Penalty Imposed INR 40,695,031. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: There is no material impact on the financials or operations or other activity of the company on account of this order. The order is appealable and the company shall take necessary legal remedies available under the law.