IOL Chemicals and Pharmaceuticals Limited has informed the Exchange about General Updates
IOLCP · price
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IOL Chemicals received an Order-In-Original from the Additional Commissioner of Customs, Kandla, confirming a demand of Rs. 27.97 lakh in differential customs duty with interest, plus penalties totaling Rs. 1.78 crore under Sections 114A and 114AA of the Customs Act, 1962, along with a redemption fine of Rs. 50 lakh. The total liability demanded is Rs. 2.06 crore. The Customs authority alleges the company incorrectly claimed 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 does not have material impact on its financials or operations and will be filing an appeal against the order.
The penalty of Rs. 2.06 crore is not considered material by the company, but the customs violation and ongoing appeal process could attract regulatory scrutiny and affect investor confidence.