Exicom Tele-Systems Receives ₹14.48 Cr Customs Duty Order
Exicom Tele-Systems Ltd has received an Order-in-Original from the Principal Commissioner of Customs (Import) regarding the classification of imported goods. The customs authority disputes the company's classification of 'Static Converters for Telecom', alleging they were meant for Electric Vehicle Chargers, thus ineligible for a Basic Customs Duty exemption. This has resulted in a customs duty liability of ₹14,48,80,677, along with applicable interest and penalties. Penalties have also been imposed on the Managing Director & CEO, Whole-time Director, and CFO. The company believes its classification was lawful and plans to appeal the order, stating it does not expect a material financial or operational impact.
Key Highlights
- Customs authority issued an order for ₹14.48 Cr duty liability.
- Dispute over classification of imported 'Static Converters for Telecom'.
- Company disputes the classification and plans to appeal.
- No material financial or operational impact expected.
- Penalties imposed on company and key management personnel.
Price Impact
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