Manappuram Finance Limited received Order under section 73 of Punjab GST Act, 2017 read with relevant provisions of Central Goods and Services Tax Act, 2017 and Integrated Goods and Services Tax Act, 2017, from the State of Punjab wherein a Penalty of INR 81,000 has been imposed/demanded. The Company is of the firm view that the allegation raised in the Order is not tenable. Further, the Company is in the process of filing an Appeal.

There is no material impact on financial, no impact on operation or other activities of the Company due to the said Order. Name of the authority: Office of the Assistant State Tax Commissioner, Mohali, Punjab. Nature and Details of Action taken, initiated or order(s) passed: On April 28, 2024, the Company has received an Order under section 73 of Punjab GST Act, 2017 read with relevant provisions of Central Goods and Services Tax Act, 2017 and Integrated Goods and Services Tax Act, 2017, wherein a Tax Demand of INR 812,000 along with an Interest of INR 815,000 and a Penalty of INR 81,000 has been imposed/demanded.

Details of the violation(s)/contravention(s) committed or alleged to be committed: Unreconciled turnover, unreconciled tax payment and unreconciled input tax credit.