Usha Martin Limited has received an Order with respect to confirmation of penalty issued by Assistant Commissioner of State (Audit), Punjab Revisional Authority. The details as required under Regulation 30 of SEBI (Listing obligations and Disclosure requirements) Regulations, 2015 (as amended) are as below: Assistant Commissioner of State (Audit), Punjab Revisional Authority Order passed for confirmation of penalty of INR 11,65,184 Date of receipt: 6th September 2023. Details of the violation(s)/contravention(s) committed or alleged to be committed; Erroneous claim of Input Tax Credit.

The Company has reached out to legal advisor and is in the process of taking steps to file an appeal against the said Order.