Lloyds Metals fined ₹7.74 Cr for customs duty misclassification

Lloyds Metals and Energy Ltd has received an order from the Commissioner of Customs, Nagpur, confirming a demand for differential customs duty of ₹7,74,60,071. The company also faces interest of ₹54,74,037 and a penalty of ₹1,16,19,020 under the Customs Act, 1962, due to misclassification of goods. Notably, the company states it has already paid the differential duty, interest, and penalty prior to the order's issuance. The company asserts that the levied penalty will not have a material impact on its financials or operations.