This has reference to your email dated 13 December, 2022 and reminder email dated 05.01.2023. At the outset we apologize for the delay in filing the reply as there 1s constraint due to shortage of staff. We, however, submit as under: 1. 'The Company has already filed an appeal before the Hon'ble Securities Appellate Tribunal ('SAT'), assailing the order dated 23 January 2020 of SEBI on the penalty levied on the Company in GDR matter. The very quantum of the penalty was challenged on facts and law, supported by several precedents of Hon'ble SAT and SEBI. The Appeal has been admutted, and the Hon'ble 'Tribunal has reserved its judgment on 06 February 2023, which is expected to be pronounced soon. 'The same will be intimated to your good office, as and when it is pronounced. We hope it clarifies the position.