Star Health and Allied Insurance Company Limited — Important, 05-02-2025: General Updates

The Company has received a penalty order amounting to ₹23.99 crores from the Additional Commissioner under the Goods & Services Tax Act for disallowed Input Tax Credits related to marketing expenses from July 2017 to March 2022. Following legal counsel’s advice, the Company plans to appeal the ruling and believes there is a strong case for a successful defense, indicating that no financial impact is expected on its operations. The situation underscores a potential risk, but management is optimistic about the outcome, suggesting investors should monitor further developments closely.