TTK Prestige Limited has informed the Exchange about Action(s) initiated or orders passed-Order received from Office of the Commissioner of Customs, Centralized Adjudication Cell, Jawaharlal Nehru Customs House, Nhava Sheva.
TTKPRESTIG · price
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TTK Prestige received an Order in Original dated March 28, 2025 from the Commissioner of Customs (Nhava Sheva) on April 7, 2025, related to imports of coating paint done between 2018 and 2021. Customs, acting on a DRI investigation, held that the company used a wrong HSN classification and that anti-dumping duty should have applied, even though the company had submitted a technical opinion supporting its classification. The total demand is Rs. 20.84 crore, including differential duty of Rs. 1.47 crore, interest of Rs. 34.7 lakh, a redemption fine of Rs. 1.5 crore, a Rs. 1.82 crore penalty under Section 114A, and a large Rs. 15.7 crore penalty under Section 114AA. The company says the order ignored material facts and settled legal principles and will be appealed. Management stated it is confident of a favourable ruling at the appellate stage and does not expect a significant impact on financials.
Short-term overhang from a Rs. 20.84 crore demand, but since the company plans to appeal and believes the ruling will be overturned, the hit to earnings is likely to be limited unless the appeal fails. Investors should watch the appeal outcome, especially the steep Rs. 15.7 crore Section 114AA penalty.