Indoco Remedies Limited announced that Demand has been raised vide Notice as per Rule 99(1) in Form GST ASMT - 10 dated 8th July, 2024 towards GST liabilities basis the details provided therein for the period from 2023 -2024. Name of the authority: Assistant Commissioner of State Tax Raipur - 9, Raipur Division-2, Chhattisgarh. Date of receipt of order is July 8, 2024.

Details of the violation(s)/contravention(s) committed or alleged to be committed: (i) Difference in claim of ITC as per returns Since it is only a Notice at this stage, and the Company will be taking all necessary actions to present and defend its case before the relevant authorities and address the demand and penalties, if any, hence, at this point in time, there is no expected financial implications. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: A potential demand of INR 0.999 million has been put forth which is subject to the outcome of the matter. The Company does not consider it likely that this potential demand will materialize as a claim against the company and result in a liability.

Reply is due before authority and the Company will update the Stock exchanges of material development, if any, in the aforesaid matter in future.