Piramal Capital & Housing Finance Limited has received an order from the Office of The Principal Commissioner of CGST & CX, Mumbai East, levying a penalty of INR 3,34,99,549 under Section 73 read with Section 122(2)(a) of the Central Goods and Services Tax Act, 2017 and corresponding sections of Maharashtra Goods and Services Tax Act, 2017 and Integrated Goods and Services Tax Act, 2017. However, company would like to clarify that, above matter pertains to period prior to takeover of Dewan Housing Finance Corporation Limited by Piramal Group in the year 2021 through The Insolvency and Bankruptcy Code (`IBC') process. The IBC provides for extinguishment of all liabilities including claims from government authorities, and hence contemplate suitable remedies before the appropriate forum.