Customs order imposes Rs 14.49 crore duty liability; company to appeal
EXICOM · price
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Exicom received a customs order classifying certain imported goods as EV chargers instead of telecom static converters, making them ineligible for customs duty exemption. The order determines Rs 14.49 crore duty liability plus an equal penalty on the company, and Rs 1.45 crore penalty each on MD Anant Nahata, Director Vivekanand Kumar, and CFO Shiraz Khanna. The company disputes the classification and plans to file an appeal.
Potential company exposure around Rs 29 crore plus penalties on key executives. Company says no material impact and will appeal.