Nandan Denim Limited has received an Assessment Order for assessment year 2022-23 from Income Tax Department. Nature and details of the action(s) taken, initiated or order(s) passed: Deputy commissioner of income tax, Ahmedabad has issued an order & demand notice u/s 156 of the income tax act,1961 for Assessment year 2022-23. Date of receipt of direction or order, including any ad- interim or interim orders, or any other communication from the authority: Notice of demand dated 31st March, 2024 (Accessed on 03rd April, 2024 through Income Tax online portal).

Details of the violation(s)/contravention(s) committed or alleged to be committed: Demand notice for an amount of INR 8,276,306 has been issued for assessment u/s 143(3) and search & seizure u/s 132 of the income tax Act,1961 for the assessment year 2022-23. The said assessment order has no material impact on the financial, operations or other activities of the Company. The Company believes that the aforementioned demand is not maintainable and the Company is in the process of preferring an appeal.