Ind-Swift Limited informed that the office of the Regional P.F. Commissioner -II (DMG) (Regional Office, Karnal) vide its Order Nos. HR/RO/KNL/DGM-INTELL/5516/16193 and HR/RO/KNL/DGM-INTELL/5516/16194 dated 22ndAugust, 2023 received by company on 22nd August, 2023, has imposed damages of INR 1,48,60,210 and interest of INR 78,32,583 on the company owing to the delay in deposit of EPF contributions and Administrative Charges, Pension Fund Contributions and Employees' Deposit Linked Insurance Fund and Administrative Charges towards Insurance Fund. The impact of the aforesaid order is limited to the monetary damages and interest respectively, which is expected to affect the profitability of the company to that extent, however, the management intends to challenge/contest the demand/order by taking appropriate legal recourse before the appropriate authorities.

Reason for the delay in payment: The company has suffered losses continuously since the year 2012 which affected the liquidity position of the company, due to which there was delay in payment of EPF contributions.