UNO Minda customs appeal update; company sees no material impact

UNO Minda gave an update on a customs duty dispute. Earlier, the Commissioner of Customs, Chennai had passed an order for misclassification of HSN on imported goods, demanding about Rs. 43 lakh as differential duty (already deposited), an equal amount as penalty, interest under the Customs Act, and a Rs. 10 lakh redemption fine. The company filed an appeal, which has now not been considered by the Commissioner of Customs (Appeals-II), Chennai. UNO Minda says it intends to contest further and does not foresee any material impact on its financial or operational activities.