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( 07 Feb 2020)
UPL - Inquiry By Indian Tax Authorities At Company Premises

The Indian Tax authorities visited and conducted search at multiple locations of Company's premises in India. During the course of this process they have collected documents and have interviewed key personnel of the Company. Based on this the Company believes that they were wanting to understand and review the company's international operations and transactions.

We continue our engagement with the authorities and expect this process of review will continue for some time.

The Company conducts its business in compliance with all applicable provisions of law across the globe. The search and investigation by tax authorities were on UPL Limited and not on any individual or a group of individuals as reported in some media reports.