Updater Services Ltd

For Risk Management Committee of the Company: Apart from Board Members, two other senior executive of the listed entity is the member of the said committee. The details of the same are mentioned below: 1. Mr. C R Saravanan - Chief Operating Officer - Member 2. Ram Praveen Radhakrishnan - Chief Financial Officer - Member. For Environment, Social, Governance Committee. Apart from the Board Member Mr. Raghunandana Tangirala, two other senior executives of the listed entity is member of the said committee. The details of the same are mentioned below: 1. Mr. C R Saravanan - Chief Operating Officer - Member 2. Ram Praveen Radhakrishnan - Chief Financial Officer - Member

For Environment, Social, Governance Committee. Apart from the Board Member Mr. Raghunandana Tangirala, two other senior executives of the listed entity is member of the said committee. The details of the same are mentioned below: 1. Mr. C R Saravanan - Chief Operating Officer - Member 2. Ram Praveen Radhakrishnan - Chief Financial Officer - Member

For Risk Management Committee of the Company: Apart from Board Members, one senior executive of the listed entity is members of the said committee. The details of the same are mentioned below: 1. Mr. C R Saravanan Chief Operating Officer Member 2. Mr. Ram Praveen Radhakrishnan Chief Financial Officer Member

For Risk Management Committee of the Company: Apart from Board Members, one senior executive of the listed entity is members of the said committee. The details of the same are mentioned below: 1. Mr. C R Saravanan Chief Operating Officer Member 2. Mr. Ram Praveen Radhakrishnan Chief Financial Officer Member

It is a regular GST Assessment notice calling for certain information, records and clarification. Notice ref.no: ZD330424064783C

The order has been passed under section 74 amounting to Rs. 63,723/- .it is a regular GST Assessment notice calling for certain information, records and clarification The company (Updater Services Limited ) is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No:ZD340724000436P

The order has been passed under section 73 amounting to Rs. 42,091/- The basis of order is reconciliation difference of exempt supplies. Notice ref.No: ZD3307241326885

The order has been passed under section 73 amounting to Rs. 4,25,140/- The basis of order is reconciliation difference for Excess ITC claimed. it is a regular GST Assessmentnotice calling for certain information, records and clarification. Subsidiary company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.no: ZD330824061702H

The rectification order dated 09.08.2024 vide ref.no: ZD330224121228W, had reduced the amount to Rs 14,99,641 /- (inl. penalty). against original demand of Rs. 2,31,94,103/- (incl. penalty) The basis of order is reconciliation difference for Excess ITC claimed.Based on the company (Updater Services Limited)'s assessment, the Order is devoid of merits and the financial amount is expected to be NIL. The company (Updater Services Limited ) is exploring all legal options including filing appeal before the Appellant

The order has been passed under section 73 amounting to Rs. 2,89,373/- The basis of order is reconciliation difference for Output tax and Excess ITC claimed. Based on the Company's assessment, the Order is devoid of merits and the financial amount is expected to be NIL. The Company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD0708240634068

The order has been passed under section 73 amounting to Rs. 1,21,63,262/- The basis of order is Non payment of GST on SEZ supplies. Based on the Company's assessment, the Order is devoid of merits and the financial amount i expected to be NIL. The Company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD290824071981U

The order has been passed under section 73 amounting to Rs. 2,67,443.68/- The basis of order is reconciliation difference for Excess ITC claimed, Outward supply, Excess Claim of ITC reversal against Exempted supply. Based on Avon's assessment, the Order is devoid of merits and the financial amount is expected to be NIL. Avon is exploring all legal options including filing appeal before the Appellant authority Notice ref.No: ZD3608240946420

The order has been passed under section 73 amounting to Rs. 21,74,840/- The basis of order is reconciliation difference for Outward supply, Excess Claim of ITC on account of nonreconciliation of ITC and on exempt supplies. Based on the Avon's assessment, the Order is devoid of merits and the financial amount is expected to be NIL. The Subsidiary company Avon is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD330824283699O

The order has been passed under section 73 amounting to Rs. 18,57,291/- for the Tax period Apl 2019 - Mar 2020 The basis of order is reconciliation difference for Excess ITC utilized compare with GSTR 2A vs 3B, ITC availed against Cancelled Supplier, ineligible credit utilized and Late return filed against Interest.Notice ref No: ZD0908243373825

The order has been passed under section 73 amounting to Rs. 2,13,341/- for the tax period Apl 2019 - Mar 2020. The basis of order is reconciliation difference for Excess ITC claimed. Based on the Company's assessment, the Order is devoid of merits and the financial amount is expected to be NIL. The Company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD3708240273764

As per the rectification order dated 16.04.2024 vide ref.no: ZD330424125254T, the demand amount has been reduced andThe Company has already paid the GST amount and it is expected that, the Company will get the order in its favour during appeal

The order, dated 31.08.2024, demanded Rs. 97,18,555 (only tax value). In response, we filed a rectification request on the GST portal, wherein the tax demand was dropped. However, a penalty of Rs. 9,71,853 was mistakenly imposed.

The order has been passed under section 73 amounting to Rs. 7,70,444/- for the FY 2019-20 The basis of order is reconciliation difference for Excess Claim of ITC.Based on the Avon's assessment, the Order is devoid of merits and the financial amount is expected to be NIL. Avon is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD3308243108693

The order, dated 20.12.2024, initially demanded Rs. 9,71,843, (only penalty). In response, we filed a rectification request on the GST portal. Wherein the demand was reduced for Rs. 38,890, (Only Penalty). We intend to seek Appeal for this erroneous penalty.

Department has raised notice and have disallowed deduction u/s 80JJAA due to non filing of form 10 DA for FY 22-23 We have filed Form 10DA which is also reflecting in the income tax site, Appeal has been filed with income tax department u/s 250 for the same Demand Order: 36,25,998; Tax Amount : 36,25,998

Department has raised notice primarily on account of sales made from Maharashtra to clients for service rendered in karnataka, departmet incorrectly assumed that these sales are made to karnataka branch and levied gst on the same for FY 19-20 Appeal form has been filed with GST department u/s 107 with the relevant submission explaining that the gst has been correctly discharged to clients and not to the branch. Demand Order 3,17,01,776; Tax Amount - 1,52,33,049; Interest/ penalty - 1,64,68,727

Department has raised notice on account of ineligible input credit for Capex for FY 18-19 We are going to take amnesty from the department under GST amnesty scheme 2024 once it is available demand order: 39,22,128; Tax Amount 18,30,204 ; Interest / Penalty - 20,91,924

Department has raised notice on account of excess refund given for FY 13-14 Rectification u/s 154 has been filed with the income tax department as the authorities have clubbed both interest and tax amount together and claiming interest compoent as excess refund Demand Order 35,11,517; Tax Amount - 35,11,517

CIT Appeal has been filed on 04.01.2019 against the assessment order received u/s 143(3) on 11.12.2018 for AY 2016-17. Ground wise submission have been made on 24.09.2019, 23.10.2019, 05.11.2019, 14.01.2021, 04.01.2022 and 19.08.2023

CIT Appeal has been filed on 21.10.2021 against the assessment order received u/s 143(3) on 25.09.2021 for AY 2018-19. Ground wise submission have been made on 14.11.2022 and 18.09.2023

CIT Appeal has been filed on 22.10.2022 against the assessment order received u/s 143(3) on 29.09.2022 for AY 2020-21. Ground wise submission have been made on 14.11.2023 and 19.08.2024

The order has been passed under section 73 of TNGST Acts amounting to Rs. 41,60,998/-. The basis of order is reconciliation difference for Excess utilization of Input tax credit and Trade payable difference. - it is a regular GST Assessment notice calling for certain information, records and clarification. Notice ref.No: ZD330424187283E

CIT Appeal has been filed on 27.03.2024 against the assessment order received u/s 143(3) on 13.03.2024 for AY 2022-23. Ground wise submission have been made on 19.08.2024

Intial Notice received on 27.06.2022 for which response submitted on 08.07.22, 21.10.22, 28.12.22 and appeal on 01.03.23. Partial refund received on 04.3.2023.

GST SC notice ZD0909232339042 was received on 22.09.23 regarding ITC claimed in FY 2017-2018. The demand order was received on 28.12.23, vide order no. ZD0912236247765. A personal hearing took place on 21.09.23, and an appeal was filed on 28.03.24 after the clarification was submitted. We received the final order no. ZD0912241095993 on 05.12.24.

GST SC notice ZD091223048133P was received on 05.12.23 regarding ITC claimed in FY 2018-2019. The demand order was received on 22.04.24, vide order no. ZD090424302421U. A personal hearing took place on 25.09.23, and an appeal was filed on 21.07.24 after the clarification was submitted. We received the final order no. ZD091224109485E on 05.12.24.

The order has been passed under section 74 amounting to Rs. 33,896/- The basis of order is reconciliation difference for ITC Reversal for Exempted Supplies.Based on the Company - Updater Services Limited’s assessment, we accept to pay and close the same

The order has been passed under section 73 amounting to Rs. 33,328/- The basis of order is reconciliation difference for ITC Reversal for Exempted Supplies. Based on the Subsidiary company’s assessment, it has been decided to pay and close the same.

The order has been passed under section 74 amounting to Rs. 23,37,712/- The basis of order is reconciliation difference for Excess ITC Claimed. Based on the Subsidiary Company’s assessment, the Order is devoid of merits and the financial amount is expected to be NIL. The Subsidiary company is exploring all legal options including filing Writ Petition.

The rectification order has been passed under section 73 amounting to Rs. 4,27,798/- against the order amounting to Rs. 1,06,90,408/- dated September 01st, 2024. Based on the Company - Updater Services Limited’s assessment, Appeal to be filed

The order has been passed under section 73 amounting to Rs. 1,44,263/- The basis of order is reconciliation difference for ITC tax reversible against cancelled vendors. Based on the Subsidiary company’s assessment, Appeal to be filed

The order has been passed under section 73 of KGST Act, 2017, amounting to Rs. 85,71,501/- The basis of the order is Non-payment of GST on SEZ supplies. Based on the company’s assessment, the Order is devoid of merits and the financial amount is expected to be NIL, Appeal to be filed. Notice Reference No.ZD290225076050M

The order has been passed under section 73 of UPGST Acts amounting to Rs. 24,662/- The basis of order is reconciliation difference for liability. The Subsidiary company (Washroom Hygiene Concepts Private Limited) is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD0904244136098

The order has been passed under section 73 amounting to Rs. 6,52,27,852/- The basis of the order is Interest on unbilled revenue at end of the financial year and Tax liability on disallowance of Credit notes for the F.Y 2020-21. Based on the company’s assessment, the Order is devoid of merits and the financial amount is expected to be NIL. Further, the company is exploring all legal options including filing Writ / Appeal before the Appellant authority. Notice Reference No.ZD330225231416S

During the year ended March 31, 2023, the Company has received an order under section 263 of the Income Tax act, 1961 for AY 2017-18. As per given order, there are certain adjustments relating to buy back of shares which were added to the total taxable income amounting to Rs. 1420.19 Million (Tax demand of Rs. 410.72 Million). The Company had filed an appeal with Comissioner of Income Tax Appeal against said order. Management is confident of a favourable outcome on this matter and hence no provision is considered necessary as on date. The major grounds on which the order was passed is as follows: 1) Amount of distributed income (Amount paid on buy back(-) Amount received at the time of issue) subject to tax @ 20% as given under section 115QA. The Company is of the view that since the buyback has taken place pursuant to Section 391 to 394 of Companies Act 2013. 2) Interest on working capital has been disallowed since the department has contested that the proceeds of working capital has been utilised towards buy back of shares 3) Capital gain u/s 56(2)(viia) on buy back of shares for the difference between FMV of shares and buy back price An update on the above order received dated 27th March 2025 as, The Commissioner of Income Tax (Appeals) [CIT(A)] has passed an order, as attached herewith, with the following directions: Section 56(2)(viia): The CIT(A) has accepted the company’s submission and directed the Assessing Officer (AO) to delete the addition made under Section 56(2)(viia). Interest Expenditure: The CIT(A) has accepted the company’s submission and directed the AO to delete the disallowance made under Section 36(1)(iii) concerning interest expenditure incurred for buyback transactions. It was concluded that such expenditure does not qualify as capital expenditure and should instead be treated as revenue expenditure. Section 115QA (Buyback Tax): The CIT(A) has upheld the order of the CIT/AO regarding the levy of buyback tax. UDS has filed an appeal (No. CIT(A), Chennai–19/10951/2016–17) against the income-tax order dated 27 March 2025 passed by the CIT(A) under Section 250 for the Assessment Year 2017–18 and. This appeal is against the order passed by the learned CIT(A) under section 250 of the Act dated 27 March 2025, with regard to sustainment of levy of tax under section 115QA of the Act.Pursuant to the Commissioner of Income‑tax (Appeals)’s order dated 27 March 2025 in Assessment Year 2017–18, the Department has filed its own Appeal No. 1616/CHNY/2025 on 31 May 2025 before the ITAT, challenging those grounds permitted by the CIT(A). Given that both UDS’s appeal (No. CIT(A) Chennai‑19/10951/2016–17) and the Department’s appeal pertain to the same assessment year and substantially overlapping legal issues, it is submitted that both appeals be consolidated and heard together by the Tribunal. The refund of Rs. 167.76 Million has been credited on 16th october 2025 with effect to the CIT(A). The ITAT had passed the order on 14th November 2025 wherein they have remitted the matter back to the file of the Assessing Officer (‘AO’) for framing a denovo / fresh assessment considering the size and complexity of the issues, particularly valuation under Rule 11UA, factual nexus between borrowed funds and buy-back payment, and nature of the scheme under Companies Act. The ITAT has remitted the matter back to the Assessing Officer for passing a fresh order on all three issues.

During the year ended March 31, 2023, the Company has received an order under section 263 of the Income Tax act, 1961 for AY 2017-18. As per given order, there are certain adjustments relating to buy back of shares which were added to the total taxable income amounting to Rs. 1420.19 Million (Tax demand of Rs. 410.72 Million). The Company had filed an appeal with Comissioner of Income Tax Appeal against said order. Management is confident of a favourable outcome on this matter and hence no provision is considered necessary as on date. The major grounds on which the order was passed is as follows: 1) Amount of distributed income (Amount paid on buy back(-) Amount received at the time of issue) subject to tax @ 20% as given under section 115QA. The Company is of the view that since the buyback has taken place pursuant to Section 391 to 394 of Companies Act 2013. 2) Interest on working capital has been disallowed since the department has contested that the proceeds of working capital has been utilised towards buy back of shares 3) Capital gain u/s 56(2)(viia) on buy back of shares for the difference between FMV of shares and buy back price An update on the above order received dated 27th March 2025 as, The Commissioner of Income Tax (Appeals) [CIT(A)] has passed an order, as attached herewith, with the following directions: Section 56(2)(viia): The CIT(A) has accepted the company’s submission and directed the Assessing Officer (AO) to delete the addition made under Section 56(2)(viia). Interest Expenditure: The CIT(A) has accepted the company’s submission and directed the AO to delete the disallowance made under Section 36(1)(iii) concerning interest expenditure incurred for buyback transactions. It was concluded that such expenditure does not qualify as capital expenditure and should instead be treated as revenue expenditure. Section 115QA (Buyback Tax): The CIT(A) has upheld the order of the CIT/AO regarding the levy of buyback tax. UDS has filed an appeal (No. CIT(A), Chennai–19/10951/2016–17) against the income-tax order dated 27 March 2025 passed by the CIT(A) under Section 250 for the Assessment Year 2017–18 and. This appeal is against the order passed by the learned CIT(A) under section 250 of the Act dated 27 March 2025, with regard to sustainment of levy of tax under section 115QA of the Act.Pursuant to the Commissioner of Income‑tax (Appeals)’s order dated 27 March 2025 in Assessment Year 2017–18, the Department has filed its own Appeal No. 1616/CHNY/2025 on 31 May 2025 before the ITAT, challenging those grounds permitted by the CIT(A). Given that both UDS’s appeal (No. CIT(A) Chennai‑19/10951/2016–17) and the Department’s appeal pertain to the same assessment year and substantially overlapping legal issues, it is submitted that both appeals be consolidated and heard together by the Tribunal. The refund of Rs. 167.76 Million has been credited on 16th october 2025 with effect to the CIT(A). The ITAT had passed the order on 14th November 2025 wherein they have remitted the matter back to the file of the Assessing Officer (‘AO’) for framing a denovo / fresh assessment considering the size and complexity of the issues, particularly valuation under Rule 11UA, factual nexus between borrowed funds and buy-back payment, and nature of the scheme under Companies Act. The ITAT has remitted the matter back to the Assessing Officer for passing a fresh order on all three issues.

The order has been passed under section 73 amounting to Rs. 2,32,862/- The basis of order is under declaration of Ineligible ITC

The order has been passed under section 73 amounting to Rs. 2,34,786/- The basis of order is under declaration of Ineligible ITC.

The order has been passed under section 74 amounting to Rs. 3,56,13,030/- The basis of order is Turnover difference between GSTR 3B vs GSTR 9, under declaration of Ineligible ITC, and ITC Reversal for Exempted supplies.

The order has been passed under section 74 amounting to Rs. 41,57,398/- The basis of order is Turnover difference between GSTR 3B vs GSTR 9, and under declaration of Ineligible ITC

The order has been passed under section 73 amounting to Rs. 11,06,850/- The basis of order is Disallowance of ineligible ITC and Disallowance of ITC claimed return defaulters & tax non payers .

The order has been passed under section 73 amounting to Rs. 2,798/- The basis of order is Interest on ITC to be reversed on non-business transactions & exempt supplies.

The order has been passed under section 74 amounting to Rs. 26,70,360/- The basis of order is Short payment of tax on Housekeeping cleaning services fall composite supply u/s 8 of CGST Act,2017.

The order has been passed under section 73, total amounting to Rs. 9,12,171/- The basis of order is reconciliation difference for Excess ITC Claimed. Based on the company's assessment, the Order is devoid of merits and the financial amount is expected to be NIL. The company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD3304242062123

The order has been passed under section 73, amounting to Rs. 7,10,104/- The basis of order is Non-Reversal of Input tax credit availed & utilized on purchase falling under blocked credit u/s 17(5) of the act.

The order has been passed under section 73 amounting to Rs. 1,66,140/- The basis of order is Excess claim of ITC in inward supply.

The order has been passed under section 73 amounting to Rs. 1,840/- The basis of order is Excess claim of ITC in inward supply.

The order has been passed under section 73 amounting to Rs. 1,01,42,848 /- The basis of order is Supply to SEZs without payment of tax.

The order has been passed under section 74 amounting to Rs. 18,19,524/- The basis of order is Short payment of tax on Housekeeping cleaning services fall composite supply u/s 8 of CGST Act,2017.

The order has been passed under section 74 amounting to Rs. 1,01,897/- .it is a regular GST Assessment notice calling for certain information, records and clarification The company (Updater Services Limited ) is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No :ZD340724000547K

The order has been passed under section 74 amounting to Rs. 40,83,637/- The basis of order is Turnover difference between GSTR 3B vs GSTR 9, Wrongly availed ITC on Travelling Expenses, Wrongly availed ITC on Insurance Expenses, and under declaration of Ineligible ITC on Unamortized uniform and shoe cost. Notice ref.No. ZD3301261584887

The order has been passed under section 74 amounting to Rs. 21,99,560/- The basis of order is Wrongly availed ITC on Insurance Expenses. Notice ref.No. ZD330126159158F

The order has been passed under section 74 amounting to Rs. 1,30,34,703 /- The basis of order is Wrongly availed ITC on Travelling Expenses, Wrongly availed ITC on Insurance Expenses, and under declaration of Ineligible ITC on Hotel and various supplies and Food & Drinks expenses. Notice ref.No. ZD3301261598953

The order has been passed under section 73 of TNGST Act, 2017 amounting to Rs. 2,36,140/- The basis of order is reconciliation difference for Excess ITC claimed. The Subsidiary Company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD0904244136098

The order has been passed under section 74 amounting to Rs. 65,38,972 /- The basis of order is ITC Reversal of Exempted Supplies, Sundry Creditor, and Expenses payable under RCM.Notice ref.No. ZD330126170109N

The order has been passed under section 74 amounting to Rs. 801 /- The basis of order is ITC Reversal of Exempted Supplies.Notice ref.No. ZD330126170154S

The revised order has been passed under section 73 amounting to Rs. 7,06,672/- The basis of the revised order pursuant to the appeal dated 23-11-2023, thereby reducing the demand amount from Rs.17,93,465/- to Rs.7,06,672/- under Sec 73 of the CGST Act, 2017, vide reference no: ZD330825043057G. The basis of order is reconciliation of differences for Input Mismatch (GSTR 3B vs GSTR 2A)Notice ref.No. ZD330825043057G

The revised order has been passed amounting to Rs. 40,000/- The basis of the revised order pursuant to the appeal dated 08-10-2024, thereby reducing the demand amount from Rs.1,01,897/- to revised demand amount of Rs.40,000/- of the CGST Act, 2017, vide reference no: 39/2026 (GSTA-I)(ADC). The basis of order is reconciliation of differences for Input Mismatch (GSTR 3B vs GSTR 2A)Notice ref. No. 39/2026 (GSTA-I)(ADC)

The order has been passed under section 73 of TGST Act, 2017 amounting to Rs. 6,32,149/- The basis of order is reconciliation difference for Excess ITC claimed. Subsidiary Company is exploring all legal options including filing appeal before the Appellant authority Notice ref.No: ZD360424085500J

The company has received a favourable order under section 119(2)(b) of the Income Tax Act, 1961 for assessment year 2019-20 with refund of INR 10,67,82,660. The Company is in the process of persuading and claiming the refund

The order has been passed under section 73 amounting to Rs. 1,51,154/- The basis of order is reconciliation difference for Excess ITC claimed. - it is a regular GST Assessment notice calling for certain information, records and clarification. The company is exploring all legal options including filing appeal before the Appellant authority. Notice ref.No: ZD1907240064957