Order received by the wholly owned subsidiary company - Rane Steering Systems Private Limited from Office of Principal Commissioner of Customs ICD, Patparganj, New Delhi
RANEHOLDIN · price
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Rane Holdings' wholly owned subsidiary Rane Steering Systems Private Limited (RSSL) received an order from the Office of Principal Commissioner of Customs, Patparganj, confirming differential customs duty of Rs. 2.69 crores along with interest and penalty of Rs. 0.20 crores. The order relates to alleged wrong tariff classification on 39 import bill of entries covering the period May 2023 to January 2025, issued under Section 28 of the Customs Act, 1962. This is a follow-up to a Show Cause Notice received in May 2025. The subsidiary, in consultation with its tax advisors, plans to contest the order before the appropriate authority within the prescribed timelines.
The total potential liability of about Rs. 2.89 crores is relatively modest for the group and is unlikely to materially impact the stock. However, since RSSL intends to appeal, the final outcome remains uncertain and could result in a higher or lower financial impact depending on the ruling.