This is to inform you that Rane Steering Systems Private Limited, Wholly Owned Subsidiary of the Company has received a Show Cause Notice from the Office of Commissioner of Customs ICD, Patparganj, New Delhi.
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Rane Holdings informed exchanges that its wholly owned subsidiary, Rane Steering Systems Private Limited (RSSL), received a Show Cause Notice from the Commissioner of Customs, ICD Patparganj, New Delhi on May 1, 2025. The notice alleges wrong tariff classification on 39 Import Bill of Entries filed between May 2023 and January 2025. The customs department is claiming a differential duty of Rs. 2.69 crore along with applicable interest and penalty under Sections 28(1), 28AA, and 112 of the Customs Act, 1962. RSSL is preparing its reply to the notice within the due date given by the department. The matter is at the show cause stage and no final order or penalty has been imposed yet.
This is a contingent financial liability of around Rs. 2.69 crore in additional duty, plus interest and penalty, for the subsidiary. Since RSSL is a wholly owned subsidiary, any final outflow could impact Rane Holdings' consolidated earnings, though the amount is modest relative to group size. The outcome remains uncertain until RSSL responds and the department decides.