Shriram Properties Limited announced that Deputy Commissioner of Income Tax, Central Circle 1 (4) Chennai, has issued Penalty Order u/s 270A for fiscal year 2017-18 in respect of income tax proceedings u/s 153C for matters related to sale of shares in one of the subsidiary (Shriram Properties and Infrastructure Private Limited). Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: 29th March 2024 (received on email, and next business day being 1st April 2024). Details of the violation(s) /contravention(s) committed or alleged to be committed: The company has received Penalty Order u/s 270A amounting to INR 4,467.9 million.

This penalty order is pertaining to a matter which is already pending before the Madras High Court for which the High Court has already passed an order directing the department to maintain the `status quo'. In this order, only the Penalty amount is quantified for which Company is in the process of challenging before relevant judicial forums and is confident of defending the penalty order in view of the facts and merits of the case duly supported by favorable judicial precedents.