Disclosure pursuant to Regulation 30(4) of LODR

August 14, 2024

London Stock Exchange

London

Dear Madam, Sirs,

Sub: Disclosure pursuant to Regulation 30(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015  

This has reference to our earlier disclosure dated July 31, 2024, regarding the judgement of the Hon'ble Supreme Court pronounced on July 25, 2024. The issue of prospective application of the said judgement was to be decided later. 

The Hon'ble Supreme Court today, i.e., August 14, 2024 pronounced its order rejecting the submission that its judgement dated July 25, 2024 should be given prospective effect.

The Court in its order pronounced today, has also passed the following directions:

·      While the States may levy or renew demands of tax, if any, pertaining to Entries 49 and 50 of List II of the Seventh Schedule in terms of the law laid down [in the decision dated July 25, 2024] the demand of tax shall not operate on transactions made prior to April 1, 2005;

·      The time for payment of the demand of tax shall be staggered in instalments over a period of twelve years commencing from April 1, 2026; and

·      The levy of interest and penalty on demands made for the period before July 25, 2024 shall stand waived for all the assesses.

The Company (Tata Steel) is currently studying the Supreme Court judgement dated July 25, 2024 along with order pronounced today.  Financial impact, if any, on the Company will be disclosed in due course.

This disclosure is being made pursuant to Regulation 30, 51, Schedule III and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This is for your information and records.