Disclosure of event or information under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
MRPL · price
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MRPL received a favorable Final Order from the Customs Excise and Service Tax Appellate Tribunal (CESTAT), Bangalore, in a customs duty classification dispute. The case involved reformats imported between October 2015 and February 2017, where the Customs Department had demanded ₹616.82 crore (including ₹212.11 crore differential duty, ₹46.30 crore interest, ₹258.41 crore penalty, and ₹100 crore redemption fine). MRPL had paid ₹212.53 crore under protest during the investigation. CESTAT allowed MRPL's appeal, making the company eligible for a refund of the amount paid under protest.
The favorable CESTAT ruling will allow MRPL to recover ₹212.53 crore in cash, improving its liquidity. It also extinguishes a contingent liability of ₹616.82 crore, which is a significant positive for the company's balance sheet.