Mahindra & Mahindra Limited has received an order from the Office of the Deputy Commissioner, Mohali-Ward No. 5, Ropar, Punjab imposing a penalty u/s 73 of the Central Goods and Services Tax Act, 2017 amounting to INR 2,387,665 in relation to the assessment conducted for the Financial Year 2018-19, on the contention that the Company has claimed Input Tax Credit (ITC) on certain invoices where, there are certain non-compliances at the end of the supplier. The Order dated 29th April 2024 has been received by the Company on 29th April 2024.

Based on the Company's assessment, an appeal will be filed, and the Company is hopeful of a favorable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company.