DIC India Limited announced that Government of West Bengal, Directorate of Commercial Taxes has issued the show cause notice in which they have reduced the amount of demand that has been raised by them in the previous demand notice. The department, on the basis of documents presented before them, reduced the demand from INR 20,029,232.19 to INR 6,967,253. The Company will take appropriate steps to address the reduced demand in due course.

Nature and details of the action: Show Cause Notice under Section 73(1) of the GST Act, 2017 for Fiscal Year 2019-20. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: May 31, 2024. Earlier the demand for short payment amounted to INR 20,029,232.19 (earlier disclosed to Stock Exchange dated January 23, 2024) was raised by Assistant Commissioner of Revenue, Large Taxpayer's Unit for Fiscal Year 2019-20.

Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: The Company has received a Show Cause Notice alleging a tax demand of INR 6,967,253.