Alok Industries Limited has, on May 06, 2024 at 4:30 p.m., received an order dated April 30, 2024 ("Order") from the Assistant Commissioner of Central Goods & Service Tax, & Central Excise, Division - III, Mumbai Central, levying a penalty of INR 1,700,138 on the Company under Sections 73 and 122 of the Central Goods and Services Tax Act, 2017. The Order has been passed alleging incorrect availment of input tax credit by the Company for the Financial Year 2018-19. The Company intends to file an appeal against the Order.

The financial impact of the Order is to the extent of the penalty levied. There is no impact on operations or other activities of the Company due to the Order.