Exhibit 99
September 3, 2024
New York Stock Exchange
11, Wall Street,
New York,
NY 10005
USA
Dear Sir,
Sub: Disclosure
We hereby inform that the penalties as given below have been imposed on the Bank. The details pertaining to the penalties are included in the annexures attached herewith:
| 1. | Penalty of Rs. 0.04 crore has been imposed on the Bank by Assistant Commissioner of State Tax, Tamil Nadu (Details provided in Annexure 1) |
| 2. | Penalty of Rs. 0.01 crore has been imposed on the Bank by Superintendent of CGST, Punjab (Details provided in Annexure 1) |
| 3. | Penalty of Rs. 20,830 imposed on the Bank by Assistant Commissioner of State Tax, Gujarat (Details provided in Annexure 1) |
| 4. | Penalty of Rs. 24,300 imposed on the Bank by Assistant Commissioner of State Tax, Gujarat (Details provided in Annexure 1) |
| 5. | Penalty of Rs. 0.01 crore imposed on the Bank by Deputy Commissioner of State Tax, Tamil Nadu (Details provided in Annexure 1) |
| 6. | Penalty of Rs. 0.11 crore imposed on the Bank by Assistant Commissioner of Central Tax, Telangana (Details provided in Annexure 1) |
| 7. | Penalty of Rs. 0.22 crore imposed on the Bank by Deputy Commissioner of State Tax, Tamil Nadu (Details provided in Annexure 1) |
| 8. | Penalty of Rs. 0.13 crore imposed on the Bank by Joint Commissioner of State Tax, Chhattisgarh (Details provided in Annexure 1) |
| 9. | Penalty of Rs. 0.22 crore has been imposed on the Bank by Sales Tax Officer, Delhi (Details provided in Annexure 1) |
| 10. | Penalty of Rs. 0.01 crore has been imposed on the Bank by Deputy Commissioner of State Tax, Punjab (Details provided in Annexure 1) |
| 11. | Penalty of Rs. 0.05 crore has been imposed on the Bank by Assistant Commissioner of CGST & Central Excise, Madhya Pradesh (Details provided in Annexure 1) |
| 12. | Penalty of Rs. 0.07 crore has been imposed on the Bank by State Tax Officer, Gujarat (Details provided in Annexure 1) |
The Bank is evaluating appropriate legal remedy, including appeal, as per law.
We request you to bring the above to the notice of all concerned.
Yours faithfully,
For HDFC Bank Limited
Sd/-
Ajay Agarwal
Company Secretary & Head – Group Oversight
Annexure 1
1. Details w.r.t. Penalty of Rs. 0.04 crore has been imposed on the Bank by Assistant Commissioner of State Tax, Tamil Nadu
| Sr. no | Particulars | Details | ||
1. | Name of the authority | Assistant Commissioner of State Tax, Tamil Nadu | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged disallowance of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 29-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.81 crore (includes tax, interest and penalty) |
2. Details w.r.t. Penalty of Rs. 0.01 crore has been imposed on the Bank by Superintendent of CGST, Punjab
| Sr. no | Particulars | Details | ||
1. | Name of the authority | Superintendent of CGST, Punjab | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 30-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.15 crore (includes tax and penalty) |
3.Details w.r.t. penalty of Rs. 20,830 imposed on the Bank by Assistant Commissioner of State Tax, Gujarat
Sr. No. | Particulars | Details | ||
1. | Name of the authority | Assistant Commissioner of State Tax, Gujarat | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 30-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.04 crore (includes tax, interest and penalty) |
4. Details w.r.t. penalty of Rs.24, 300 imposed on the Bank by Assistant Commissioner of State Tax, Gujarat
| Sr. no | Particulars | Details | ||
1. | Name of the authority | Assistant Commissioner of State Tax, Gujarat | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 31-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.05 crore (includes tax, interest and penalty) |
5. Details w.r.t. penalty of Rs. 0.01 crore imposed on the Bank by Deputy Commissioner of State Tax, Tamil Nadu
Sr. no | Particulars | Details | ||
1. | Name of the authority | Deputy Commissioner of State Tax, Tamil Nadu | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 30-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.11 crore (includes tax and penalty) |
6. Details w.r.t. penalty of Rs. 0.11 crore imposed on the Bank by Assistant Commissioner of Central Tax, Telangana
| Sr. no | Particulars | Details | ||
1. | Name of the authority | Assistant Commissioner of Central Tax, Telangana | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged short payment of tax and disallowance of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 30-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged short payment of tax and excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 1.16 crore (includes tax and penalty) |
7. Details w.r.t. penalty of Rs. 0.22 crore imposed on the Bank by Deputy Commissioner of State Tax, Tamil Nadu
| Sr. no | Particulars | Details | ||
1. | Name of the authority | Deputy Commissioner of State Tax, Tamil Nadu | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 30-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 2.39 crore (includes tax and penalty) |
8. Details w.r.t. penalty of Rs. 0.13 crore imposed on the Bank by Joint Commissioner of State Tax, Chhattisgarh
Sr. no | Particulars | Details | ||
1. | Name of the authority | Joint Commissioner of State Tax, Chhattisgarh | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged short payment of tax and disallowance of input tax credit - Order passed under section 73 (9) of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 30-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged short payment of tax and excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 2.73 crore (includes tax, interest and penalty) |
9. Details w.r.t. penalty of Rs. 0.22 crore has been imposed on the Bank by Sales Tax Officer, Delhi
Sr. no | Particulars | Details | ||
1. | Name of the authority | Sales Tax Officer, Delhi | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 (9) of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 31-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 4.17 crore (includes tax, interest and penalty) |
10. Details w.r.t. Penalty of Rs. 0.01 crore has been imposed on the Bank by Deputy Commissioner of State Tax, Punjab
| Sr. no | Particulars | Details | ||
1. | Name of the authority | Deputy Commissioner of State Tax, Punjab | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 (9) of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 31-08-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.03 crore (includes tax, interest and penalty) |
11. Details w.r.t. Penalty of Rs. 0.05 crore has been imposed on the Bank by Assistant Commissioner of CGST & Central Excise, Madhya Pradesh
Sr. no | Particulars | Details | ||
1. | Name of the authority | Assistant Commissioner of CGST & Central Excise, Madhya Pradesh | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 73 (9) of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 02-09-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.56 crore (includes tax and penalty) |
12. Details w.r.t. penalty of Rs. 0.07 crore has been imposed on the Bank by State Tax Officer, Gujarat
Sr. no | Particulars | Details | ||
1. | Name of the authority | State Tax Officer, Gujarat | ||
2. | Period Involved | F.Y. 2019-20 | ||
3. | Nature and details of the action(s) taken, initiated or order(s) passed | Alleged excess availment of input tax credit - Order passed under section 74 of CGST Act | ||
4. | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority. | 02-09-2024 | ||
5. | Details of the violation(s)/contravention(s) committed or alleged to be committed | Alleged excess availment of input tax credit | ||
6. | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Rs. 0.20 crore (includes tax, interest and penalty) |
