Emmvee Photovoltaic Power Limited has informed the Exchange about order received from Commissioner of Customs, Bengaluru
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Emmvee Photovoltaic Power has received an order from the Commissioner of Customs, Bengaluru, imposing a penalty of Rs. 5.36 crore on the company along with a redemption fine of Rs. 1.88 crore. An additional penalty of Rs. 44 lakh has been imposed on one director and two employees. The order pertains to alleged wrongful availing of a preferential customs duty rate under Notification No. 46/2011, likely related to import duty benefits for solar equipment. The company received the order on March 16, 2026, and stated it will appeal against the order. Management has indicated that the order will not have any material financial impact on the company.
While the company plans to appeal, an adverse customs order of this size is a negative development and could weigh on sentiment. The total potential exposure is around Rs. 7.68 crore across the company and individuals, but the company's claim of no material impact and the right to appeal limit near-term damage.