VGUARD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
V-Guard Industries received an Order-in-Original from the Commissioner of Customs (NS-V) at JNCH, Nhava Sheva, adjudicating a Show Cause Notice for alleged misclassification of certain product parts. The order confirms a differential customs duty demand of INR 68,24,372 along with applicable interest under Section 28AA. Additionally, a penalty of INR 68,24,372 has been imposed under Section 114A, though this may be reduced to 25% subject to conditions. The matter relates to Bills of Entry spanning May 2020 to July 2024. The company states it is evaluating the order's merits and plans to file an appeal before CESTAT within the prescribed time limits.
The financial exposure amounts to approximately INR 1.36 crore (duty plus penalty) plus interest. While the company intends to appeal, any confirmed liability could marginally impact financials. However, since this is a customs matter and the penalty may be reduced, the direct impact on the stock is likely limited.