Vedanta has announced that it has received an order from the Office of the Commissioner of Customs, Tuticorin, Tamil Nadu imposing a penalty of Rs 92.03 crore and a fine of Rs 10 crore along with demand of Customs Duty and applicable Interest.
The demand is in relation to pre import condition which was applicable for a limited period, on imports against advance authorization
The company believes that there is a strong case of merit and law, more specifically due to the recent judicial pronouncements. The next course of action shall be decided in due course.
The company does not reasonably expect the said order to have any material financial impact, operations or other activities of the company.
Vedanta, a subsidiary of Vedanta Resources, is one of the world’s leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.
The diversified metal company reported 54.02% increase in net profit to Rs 5,095 crore in Q1 FY25 as against Rs 3,308 crore in Q1 FY24. Revenue from operations grew by 5.68% YoY to Rs 35,239 crore in Q1 FY25.
The scrip shed 0.29% to Rs 495.85 on the BSE.
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First Published: Oct 09 2024 | 3:23 PM IST
