Honeywell Automation India Ltd. Receives Order from Dubai Customs

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Honeywell Automation India Ltd. Receives Order from Dubai Customs

Team Finance Saathi

26/Dec/2024

What's covered under the Article:

Honeywell Automation India Ltd. receives an order from Dubai Customs for customs duty and penalty.
SEBI disclosure requirements and financial impact of the order.
Details about the penalty and payment procedure.

Honeywell Automation India Ltd. Receives Order from Dubai Customs

On December 25, 2024, Honeywell Automation India Ltd. received an official demand notice from Dubai Customs for the payment of customs duty and a penalty totaling AED 301,791 (approximately INR 70,04,569). The company has provided a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in line with the SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Key Details of the Disclosure:

Authority Involved: Dubai Customs.
Nature of Action: A case management demand notice for customs duty and a penalty.
Date of Receipt: December 25, 2024.
Details of Violation: The company is required to pay customs duty and a penalty aggregating to AED 301,791 for alleged violations of Dubai Customs laws.
Impact on Financials and Operations: The company reports that there is no material impact on its financials, operations, or other activities. The penalty will be paid in accordance with the guidelines and time limits prescribed by Dubai Customs.

Honeywell Automation has emphasized that the penalty payment will be made within the prescribed timeframe, and the company does not expect any adverse effects on its operations or financial position due to this order.

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Honeywell Automation India Ltd. Receives Order from Dubai Customs

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