Tax & Penalty9 Sept 2026, 05:30 pm
Subsidiary Royal Sandur Metals fined ₹12 lakh for customs duty non-payment
AI Summary
Sandur Manganese & Iron Ores Ltd announced that its material subsidiary, Royal Sandur Metals Private Limited (formerly Arjas Steel Private Limited), has received a penalty order of ₹12 lakh from the Office of the Principal Commissioner of Customs, Chennai-III. The penalty is under Section 114 of the Customs Act, 1962, for the non-payment of export duty by Sundaram Fasteners Limited on goods procured from Royal Sandur Metals. This violation occurred between May 2022 and November 2022, prior to the subsidiary's acquisition by Sandur Manganese. The company states there is no material impact on its financial or operational activities and is reviewing legal recourse.
Key Highlights
- Subsidiary Royal Sandur Metals fined ₹12 lakh by Customs.
- Penalty relates to non-payment of export duty by a third party.
- Violation occurred before the company's acquisition of the subsidiary.
- No material financial or operational impact on the listed entity.
- Company is assessing legal recourse for the penalty order.
Price Impact
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