ICICI Lombard General Insurance Company Limited has received an Order on April 15, 2024 at from the Additional Commissioner, GST & Central Excise, Chennai North raising an interest demand of INR 14,938,247/- and levying penalty of INR 57,634,666/-. The Company would pursue an appeal with Appellate Authorities/evaluate other legal options against the said Order. Order received by the Company under Section 73 of the Central Goods and Services Tax Act, 2017 /Tamil Nadu GST Act, 2017 for the period April 2018 to March 2021.

Order has imposed demand on undischarged interest liability related to alleged delayed payment of tax by the company.