Disclosure under regulation 39 of Sexurities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations,2015
IOLCP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
IOL Chemicals & Pharmaceuticals has received an Order-In-Original from the Additional Commissioner of Customs, Kandla, confirming a demand of differential customs duty of Rs. 27,97,398 along with equal penalty under Section 114A, an additional penalty of Rs. 1 crore under Section 114AA, and redemption fine of Rs. 50 lakh — totaling Rs. 2,05,94,796. The order alleges the company incorrectly availed ASEAN-India FTA exemption by using Certificates of Origin that did not conform to the prescribed format under Notification No. 46/2011-Customs. The company has stated the levy has no material impact on its financials or operations and plans to file an appeal against the order.
The total penalty of ~Rs. 2.06 crore is relatively small relative to the company's scale. However, the regulatory dispute involves customs law compliance and could attract further scrutiny. The company's appeal intent signals contesting the charge.