Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations, 2015, Olectra Greentech has informed that the company has received a demand notice from the ‘Telangana Industrial Infrastructure Corporation (‘TGIIC’) imposing a penalty of Rs2,57,87,484 (including GST) for the period from 12th November, 2023 to 11th November, 2025. The penalty is due to the delay in the full completion of the ongoing construction of the Greenfield EV Manufacturing Facility at the Industrial Park, Seetharampur, Hyderabad, Telangana. Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/ 123 dated 13th July, 2023, the relevant details pertaining to notice of penalty are enclosed.
The above information is a part of company’s filings submitted to BSE.
