MAHINDRA HOLIDAYS : RECEIVES SHOW CAUSE NOTICE FROM STATE TAX DEPT

• Company received a Show Cause Notice (SCN) from the Deputy Commissioner of State Tax, Mumbai, on Sept 30, 2026 • SCN demands ₹36.30 Cr for FY2022-23, including tax, interest, and penalty • Demand relates to alleged non-payment of GST on stay facilities, non-issuance of cross-charge invoices, unverified asset classification, short payment on food/travel, and ineligible input tax credit • Company assesses no material financial impact and is taking necessary steps Impact: Neutral (Regulatory notice with no immediate financial impact assessed)

Mahindra Holidays & Resorts India Limited

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