Everest Kanto Cylinder Limited has received Order from the Office of the Deputy Commissioner of State Tax, Mumbai, Maharashtra demanding tax of INR 484.4 million, interest INR 527.9 million and penalty of INR 49.7 million under Section 73 of the Maharashtra Goods and Services Tax Act and Central Goods and Services Tax Act, 2017 read with Section 20 of IGST Act, 2017 for mismatch in input tax credit availed and reflected in Form GSTR-2A and GSTR-3B for the financial year 2018-19. The Company is in the process of filing an appeal against the said Order. There is no material impact on the financials, operations or other activities of the Company.