The New India Assurance Company Limited — Important, 01-02-2025: Disclosure of material issue

The New India Assurance Company has received an order confirming a significant GST demand of ₹849.45 crore from the Additional Commissioner of CGST. This order relates to a non-payment of IGST on Group Health services provided to employees, which were consumed by them rather than the SEZ units, covering the period from July 1, 2017, to March 31, 2024. The demand includes applicable interest and penalties, reflecting both the magnitude of the claim and the potential impact on the company’s financial statements as a contingent liability. The company plans to respond to this order in line with legal advice, indicating a proactive approach to addressing the matter. Investors should monitor the situation closely, as the resolution could influence the company's financial performance and outlook.