Gujarat Alkalies and Chemicals Limited has received Notice issued by Income Tax Department, Vadodara for recovery of outstanding TDS/TCS. Nature and details of the action(s) taken, initiated or order(s) passed: Recovery of outstanding TDS/TCS demand from Office of the Income Tax Officer, TDS, Circle TDS, Vadodara. The Company has received the Notice dated 17th May, 2024 by E-mail on 18th May, 2024.

As per the Department's findings, the Recovery of outstanding TDS/TCS demand is for INR 1,186,150. Since it is only notice at this stage giving an opportunity to the Company to file its reply on or before 25th May, 2024 and the Company will take all necessary actions to verify the matter, present and defend its case before the relevant authorities and address the demand, at this point, there is no expected financial implication.