Isgec Heavy Engineering Limited has informed the Exchange about Imposition of Penalty
ISGEC · price
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The company received a penalty order from the Office of the Commissioner of Customs (NS-V), Maharashtra for Rs. 2.77 crore. Additionally, a customs duty demand of Rs. 2.77 crore along with applicable interest has been raised. The issue stems from an HSN (Harmonized System Nomenclature) classification dispute where the goods were assessed under HSN B6012000 but customs authorities allege they should have been classified under HSN 87049012. The order was received on May 20, 2026. The company has stated it intends to file an appeal under the Customs Act to challenge this order.
The total financial exposure including penalty and duty demand is approximately Rs. 5.52 crore plus interest, which is material but manageable for a company of this size. The company plans to contest the order through legal appeal.