Swaraj Engines Limited announced that the company has received a demand order from the Office of Assistant Commissioner of State Tax-cum-Proper Officer, S.A.S. Nagar, Excise & Taxation Bhavan, Sector-69, S.A.S. Nagar (Mohali), Punjab imposing a penalty of INR 62,667 under section 73 of CGST Act, 2017 in relation to the alleging credit wrongly availed due to wrong place of supply mentioned by supplier and ineligible ITC u/s 17(5) during financial year 2018-2019. Based on the company's assessment, an appeal will be filed, and the company is hopeful of a favorable outcome at the appellate level and does not reasonably expect the order to have any material financial impact on the company. Name of the authority: Assistant Commissioner of State Tax-cum-Proper Officer, S.A.S. Nagar, Punjab.

The order dated 26 April 2024 has been received by the company on 26 April 2024. Based on the Company's assessment, an appeal will be filed, and the Company is hopeful of a favourable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company.