Net Avenue Technologies Limited has received an Income tax assessment order dated March 14, 2024, wherein a demand of INR 3.320 million has been raised. The Company is evaluating the said order and will take appropriate actions in due course. Nature and details of the action(s) taken, initiated or order(s) passed: The Company received on March 27, 2024, an Income tax assessment order and Demand notice dated March 14, 2024 from The Assessment Unit of Income Tax Department, confirming a demand of INR 3.320 million for the Assessment Year 2022-23.

Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: Notice of demand under section 156 of the Income-Tax Act, 1961 dated March 14, 2024 was received viz., March 27, 2024. Details of violation(s) /contravention(s) committed or alleged to be committed: A portion of the marketing expenses incurred by the Company during the financial year 2021-22 was disallowed by the Income Tax Department and hence there has been an Income Tax demand of INR 3.320 million on the Company. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: Considering the merits of the case, the Company intends to file appeal before National Faceless Appeal Centre within time-limit prescribed under the Income Tax Act.

The Company is hopeful of a favorable outcome thereof and does not expect the said Order to have any material impact on the Company.