Swaraj Engines has informed that the Company has received a demand order from the Office of Assistant Commissioner of State Tax-cum-Proper Officer, S.A.S. Nagar, Excise & Taxation Bhavan, Sector-69, S.A.S. Nagar (Mohali), Punjab imposing a penalty of Rs. 5,24,308/- under section 73 of PGST/CGST Act, 2017 in relation to the ITC claimed on purchases from cancelled dealers, return defaulters & tax non-payers during Financial Year 2019-20. Based on the Company’s assessment, an appeal will be filed, and the Company is hopeful of a favourable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company. The Order dated 29th August 2024 has been received by the Company on 29th August 2024 at 11:01 am. The details of the above Order, as required under Clause 20 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July, 2023 is enclosed as Annexure A.
The above information is a part of company’s filings submitted to BSE.
