V-Guard Industries Limited has informed the Exchange about Action(s) taken or orders passed
VGUARD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
V-Guard Industries has received an Order-in-Original from the Commissioner of Customs at JNCH, Nhava Sheva. The order adjudges a Show Cause Notice alleging misclassification of certain parts of products imported between May 2020 and July 2024. The authority has confirmed a differential duty demand of INR 68,24,372 along with applicable interest. Additionally, a penalty of INR 68,24,372 has been imposed under Section 114A, though this can be reduced to 25% subject to conditions. The company states it is evaluating the merits of the order and plans to file an appeal before CESTAT within the prescribed time limits.
While the penalty amounts to approximately INR 68.24 lakh plus interest, this appears to be a customs duty dispute related to product classification rather than securities violations. The financial impact is relatively limited but may create short-term noise around the stock. The company's decision to contest the order suggests it disputes the classification findings.