We wish to inform you that the Company has received an order for rejection of appeal from the Office of Commissioner of Customs (Appeals), Mumbai. The details of the same is in the ....
TIMEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Timex Group India has received an order from the Commissioner of Customs (Appeals), Mumbai, rejecting the company's appeal against an earlier customs order. The matter relates to alleged failure to fulfil export obligations under an advance authorisation license dated December 3, 1996 for FY 1996-97, under which the customs department had denied all duty exemption benefits claimed by the company. The original order was received in April 2023 and the rejection of appeal was received on April 15, 2025. The financial impact is quantified at INR 1,23,87,155 (approximately ₹1.24 crore). The company intends to file a further appeal with the help of a legal consultant.
A negative outcome for shareholders as the company has lost the first level of appeal in a customs dispute, exposing it to a potential liability of about ₹1.24 crore. However, since the company plans to appeal further, the final financial impact remains uncertain. The amount is relatively small compared to typical corporate earnings, so the stock price impact is likely limited.